ArriVent BioPharma (NASDAQ:AVBP) Trading Down 4.7% Following Weak Earnings

ArriVent BioPharma, Inc. (NASDAQ:AVBP)’s stock price traded down 4.7% during mid-day trading on Thursday after the company announced weaker than expected quarterly earnings. The company traded as low as $29.80 and last traded at $29.97. Approximately 52,688 shares changed hands during trading, a decline of 90% from the average daily volume of 515,189 shares. The stock had previously closed at $31.46.

The company reported ($1.05) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.99) by ($0.06).

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on AVBP. Weiss Ratings restated a “sell (d-)” rating on shares of ArriVent BioPharma in a research note on Friday, July 17th. BTIG Research reissued a “buy” rating and set a $42.00 price objective on shares of ArriVent BioPharma in a report on Thursday. Truist Financial upped 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. Citigroup restated a “buy” rating on shares of ArriVent BioPharma in a research note on Thursday. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of ArriVent BioPharma in a research report on Friday, May 22nd. Seven investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $44.83.

Institutional Investors Weigh In On ArriVent BioPharma

Hedge funds have recently added to or reduced their stakes in the business. Quantbot Technologies LP purchased a new position in shares of ArriVent BioPharma during the 2nd quarter valued at about $59,000. E Fund Management Co. Ltd. acquired a new position in ArriVent BioPharma in the second quarter valued at approximately $3,798,000. BlackRock Inc. purchased a new stake in ArriVent BioPharma in the 2nd quarter worth approximately $112,919,000. Deutsche Bank AG acquired a new stake in shares of ArriVent BioPharma during the 2nd quarter worth approximately $1,361,000. Finally, Persistent Asset Partners Ltd purchased a new position in shares of ArriVent BioPharma during the 2nd quarter valued at approximately $547,000. 9.48% of the stock is owned by hedge funds and other institutional investors.

ArriVent BioPharma Stock Performance

The firm’s 50 day moving average is $31.87 and its 200-day moving average is $27.77. The stock has a market capitalization of $1.38 billion, a price-to-earnings ratio of -8.56 and a beta of 1.36.

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.