ArriVent BioPharma (NASDAQ:AVBP) Trading Down 6.7% – Here’s Why

ArriVent BioPharma, Inc. (NASDAQ:AVBP) shares fell 6.7% on Monday . The company traded as low as $19.49 and last traded at $18.79. 51,611 shares traded hands during trading, a decline of 72% from the average session volume of 184,823 shares. The stock had previously closed at $20.15.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on AVBP. HC Wainwright reaffirmed a “buy” rating and set a $39.00 target price on shares of ArriVent BioPharma in a research note on Friday, March 7th. B. Riley assumed coverage on shares of ArriVent BioPharma in a research note on Thursday, March 20th. They set a “buy” rating and a $37.00 price objective on the stock. Finally, Guggenheim assumed coverage on shares of ArriVent BioPharma in a research note on Monday, March 10th. They set a “buy” rating and a $45.00 price objective on the stock. Five investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, ArriVent BioPharma currently has a consensus rating of “Buy” and a consensus target price of $39.00.

ArriVent BioPharma Stock Down 0.8%

The firm has a market capitalization of $680.56 million, a PE ratio of -7.78 and a beta of 1.47. The firm’s fifty day simple moving average is $19.53 and its 200-day simple moving average is $24.84.

ArriVent BioPharma (NASDAQ:AVBP) last issued its earnings results on Wednesday, May 14th. The company reported ($1.90) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.66) by ($1.24). As a group, analysts predict that ArriVent BioPharma, Inc. will post -2.74 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in AVBP. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of ArriVent BioPharma during the fourth quarter valued at approximately $31,000. Tower Research Capital LLC TRC grew its position in ArriVent BioPharma by 773.8% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,599 shares of the company’s stock valued at $43,000 after buying an additional 1,416 shares during the period. Virtus ETF Advisers LLC bought a new stake in ArriVent BioPharma during the fourth quarter valued at approximately $73,000. KLP Kapitalforvaltning AS bought a new stake in ArriVent BioPharma during the fourth quarter valued at approximately $83,000. Finally, China Universal Asset Management Co. Ltd. bought a new stake in ArriVent BioPharma during the fourth quarter valued at approximately $190,000. 9.48% of the stock is owned by hedge funds and other institutional investors.

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.