ArriVent BioPharma (NASDAQ:AVBP) Shares Up 6.8% – Here’s What Happened

ArriVent BioPharma, Inc. (NASDAQ:AVBP)’s stock price was up 6.8% during trading on Wednesday . The stock traded as high as $29.91 and last traded at $30.19. 177,204 shares traded hands during trading, a decline of 66% from the average daily volume of 524,598 shares. The stock had previously closed at $28.26.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on AVBP shares. Truist Financial raised their target price on ArriVent BioPharma from $43.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, May 29th. Weiss Ratings reiterated a “sell (d-)” rating on shares of ArriVent BioPharma in a research report on Friday. Citigroup reduced their price objective on ArriVent BioPharma from $45.00 to $43.00 and set a “buy” rating for the company in a research note on Wednesday, May 13th. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of ArriVent BioPharma in a report on Friday, May 22nd. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $44.83.

ArriVent BioPharma Stock Up 6.9%

The firm has a market capitalization of $1.41 billion, a PE ratio of -8.70 and a beta of 1.29. The business has a 50-day moving average price of $31.01 and a 200-day moving average price of $26.68.

ArriVent BioPharma (NASDAQ:AVBP) last announced its quarterly earnings data on Monday, May 11th. The company reported ($0.96) EPS for the quarter, missing analysts’ consensus estimates of ($0.88) by ($0.08). On average, equities research analysts anticipate that ArriVent BioPharma, Inc. will post -3.9 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Vivo Capital LLC acquired a new stake in ArriVent BioPharma during the first quarter worth about $20,438,000. AIHC Capital Management Ltd acquired a new position in ArriVent BioPharma in the 4th quarter valued at about $12,973,000. Vanguard Group Inc. grew its stake in shares of ArriVent BioPharma by 36.8% in the 3rd quarter. Vanguard Group Inc. now owns 2,029,531 shares of the company’s stock valued at $37,445,000 after buying an additional 545,991 shares during the period. UBS Group AG raised its position in shares of ArriVent BioPharma by 474.7% during the 3rd quarter. UBS Group AG now owns 497,601 shares of the company’s stock valued at $9,181,000 after buying an additional 411,013 shares during the period. Finally, Suvretta Capital Management LLC lifted its holdings in ArriVent BioPharma by 10.9% in the fourth quarter. Suvretta Capital Management LLC now owns 4,106,035 shares of the company’s stock valued at $82,613,000 after acquiring an additional 402,583 shares during the last quarter. Institutional investors and hedge funds own 9.48% of the company’s stock.

ArriVent BioPharma Company Profile

ArriVent BioPharma, Inc operates as a clinical-stage biopharmaceutical company that engages in the identification, development, and commercialization of medicines for the unmet medical needs of patients with cancers in the United States. It also engages in the development and commercialization of targeted cancer therapies for non-small cell lung cancer (NSCLC) and other solid tumors. In addition, the company develops Furmonertinib, a third-generation tyrosine kinase inhibitor that is in multiple clinical trials across a range of epidermal growth factor receptor mutations (EFGRm) in non-small cell lung cancer (NSCLC), including a phase 3 clinical trial for treatment of patients with metastatic EFGRm NSCLC; phase 1b clinical trial for treatment of patients with NSCLC with other EGFR mutations and NSCLC with HER2 Exon 20 insertion mutations; and ARR-002.