ArriVent BioPharma (NASDAQ:AVBP) Shares Up 8.2% – What’s Next?

Shares of ArriVent BioPharma, Inc. (NASDAQ:AVBP) rose 8.2% during mid-day trading on Tuesday . The company traded as high as $22.37 and last traded at $22.5720. Approximately 183,039 shares changed hands during trading, a decline of 52% from the average daily volume of 381,471 shares. The stock had previously closed at $20.86.

Analysts Set New Price Targets

A number of analysts have recently weighed in on AVBP shares. Zacks Research raised ArriVent BioPharma from a “strong sell” rating to a “hold” rating in a research report on Friday, December 5th. Cantor Fitzgerald began coverage on ArriVent BioPharma in a research note on Monday, December 22nd. They issued an “overweight” rating for the company. BTIG Research assumed coverage on ArriVent BioPharma in a report on Wednesday, December 10th. They issued a “buy” rating and a $45.00 price target for the company. Truist Financial began coverage on shares of ArriVent BioPharma in a report on Tuesday, November 25th. They set a “buy” rating and a $43.00 price objective on the stock. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ArriVent BioPharma in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $40.00.

ArriVent BioPharma Stock Up 6.7%

The stock has a market capitalization of $918.92 million, a PE ratio of -5.25 and a beta of 1.03. The firm has a 50 day moving average price of $21.69 and a 200-day moving average price of $20.27.

ArriVent BioPharma (NASDAQ:AVBP) last issued its earnings results on Monday, November 10th. The company reported ($0.83) EPS for the quarter, missing analysts’ consensus estimates of ($0.78) by ($0.05). Equities analysts expect that ArriVent BioPharma, Inc. will post -2.74 earnings per share for the current fiscal year.

Institutional Trading of ArriVent BioPharma

A number of hedge funds and other institutional investors have recently made changes to their positions in AVBP. Vanguard Group Inc. raised its stake in shares of ArriVent BioPharma by 36.8% during 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 last quarter. Fund 1 Investments LLC purchased a new stake in shares of ArriVent BioPharma in the second quarter worth about $11,503,000. UBS Group AG grew its holdings in ArriVent BioPharma by 474.7% during the third quarter. UBS Group AG now owns 497,601 shares of the company’s stock worth $9,181,000 after acquiring an additional 411,013 shares during the period. Suvretta Capital Management LLC raised its position in ArriVent BioPharma by 8.5% during the third quarter. Suvretta Capital Management LLC now owns 3,703,452 shares of the company’s stock valued at $68,329,000 after acquiring an additional 290,664 shares in the last quarter. Finally, Franklin Resources Inc. purchased a new position in ArriVent BioPharma during the third quarter valued at approximately $4,731,000. Institutional investors and hedge funds own 9.48% of the company’s stock.

About ArriVent BioPharma

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.