ArriVent BioPharma (NASDAQ:AVBP) Stock Price Down 5.8% – What’s Next?

Shares of ArriVent BioPharma, Inc. (NASDAQ:AVBP) were down 5.8% during mid-day trading on Friday . The stock traded as low as $24.22 and last traded at $23.7450. Approximately 77,992 shares traded hands during trading, a decline of 81% from the average daily volume of 412,818 shares. The stock had previously closed at $25.20.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on AVBP. BTIG Research assumed coverage on shares of ArriVent BioPharma in a research report on Wednesday, December 10th. They set a “buy” rating and a $45.00 price target for the company. Truist Financial began coverage on shares of ArriVent BioPharma in a research note on Tuesday, November 25th. They set a “buy” rating and a $43.00 price objective on the stock. Cantor Fitzgerald began coverage on shares of ArriVent BioPharma in a research report on Monday, December 22nd. They issued an “overweight” rating for the company. Citigroup reduced their price target on shares of ArriVent BioPharma from $33.00 to $31.00 and set a “buy” rating on the stock in a research report on Tuesday, November 11th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of ArriVent BioPharma in a research note on Wednesday. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, ArriVent BioPharma presently has a consensus rating of “Moderate Buy” and a consensus target price of $40.00.

ArriVent BioPharma Trading Down 7.9%

The stock’s 50-day moving average price is $21.96 and its 200-day moving average price is $20.35. The company has a market capitalization of $958.52 million, a P/E ratio of -5.48 and a beta of 1.03.

ArriVent BioPharma (NASDAQ:AVBP) last released its quarterly earnings data on Monday, November 10th. The company reported ($0.83) earnings per share for the quarter, missing the consensus estimate of ($0.78) by ($0.05). Sell-side analysts expect that ArriVent BioPharma, Inc. will post -2.74 earnings per share for the current fiscal year.

Institutional Trading of ArriVent BioPharma

Hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. grew its stake in ArriVent BioPharma by 36.8% during the 3rd quarter. Vanguard Group Inc. now owns 2,029,531 shares of the company’s stock worth $37,445,000 after buying an additional 545,991 shares during the last quarter. Fund 1 Investments LLC acquired a new position in shares of ArriVent BioPharma during the second quarter valued at $11,503,000. UBS Group AG grew its position in shares of 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 last quarter. Suvretta Capital Management LLC increased its holdings in shares of ArriVent BioPharma by 8.5% in the 3rd quarter. Suvretta Capital Management LLC now owns 3,703,452 shares of the company’s stock worth $68,329,000 after acquiring an additional 290,664 shares during the period. Finally, Franklin Resources Inc. acquired a new stake in shares of ArriVent BioPharma in the 3rd quarter worth about $4,731,000. Institutional investors 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.