ArriVent BioPharma (NASDAQ:AVBP) Reaches New 52-Week High – Should You Buy?

ArriVent BioPharma, Inc. (NASDAQ:AVBP) hit a new 52-week high on Wednesday . The stock traded as high as $26.23 and last traded at $25.81, with a volume of 140592 shares. The stock had previously closed at $23.94.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of ArriVent BioPharma in a report on Wednesday, January 21st. Cantor Fitzgerald assumed coverage on ArriVent BioPharma in a research report on Monday, December 22nd. They set an “overweight” rating for the company. Zacks Research upgraded ArriVent BioPharma from a “strong sell” rating to a “hold” rating in a research note on Friday, December 5th. Truist Financial assumed coverage on ArriVent BioPharma in a report on Tuesday, November 25th. They issued a “buy” rating and a $43.00 price target for the company. Finally, Citigroup cut their price objective on shares of ArriVent BioPharma from $33.00 to $31.00 and set a “buy” rating on the stock in a report on Tuesday, November 11th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, ArriVent BioPharma currently has a consensus rating of “Moderate Buy” and an average price target of $40.00.

ArriVent BioPharma Price Performance

The stock has a market cap of $1.11 billion, a price-to-earnings ratio of -6.31 and a beta of 0.99. The company’s 50 day moving average is $22.00 and its 200 day moving average is $20.82.

Hedge Funds Weigh In On ArriVent BioPharma

Large investors have recently bought and sold shares of the stock. Squarepoint Ops LLC increased its holdings in shares of ArriVent BioPharma by 1,009.1% during the 2nd quarter. Squarepoint Ops LLC now owns 204,355 shares of the company’s stock worth $4,449,000 after buying an additional 185,929 shares during the last quarter. Fund 1 Investments LLC acquired a new stake in ArriVent BioPharma during the second quarter worth about $11,503,000. AXQ Capital LP purchased a new position in shares of ArriVent BioPharma in the 2nd quarter worth about $277,000. AlphaQuest LLC purchased a new position in shares of ArriVent BioPharma in the 3rd quarter worth about $765,000. Finally, Group One Trading LLC acquired a new position in shares of ArriVent BioPharma in the 4th quarter valued at about $57,000. Hedge funds and other 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.