ArriVent BioPharma (NASDAQ:AVBP) Stock Price Up 7.2% – Should You Buy?

Shares of ArriVent BioPharma, Inc. (NASDAQ:AVBP) shot up 7.2% during trading on Tuesday . The stock traded as high as $21.78 and last traded at $21.91. 332,826 shares traded hands during trading, a decline of 21% from the average session volume of 418,811 shares. The stock had previously closed at $20.44.

Analyst Ratings Changes

Several research firms have issued reports on AVBP. Citigroup cut their target price on ArriVent BioPharma from $33.00 to $31.00 and set a “buy” rating for the company in a research note on Tuesday, November 11th. Cantor Fitzgerald began coverage on ArriVent BioPharma in a research report on Monday, December 22nd. They set an “overweight” rating for the company. Truist Financial started coverage on shares of ArriVent BioPharma in a report on Tuesday, November 25th. They issued a “buy” rating and a $43.00 price objective on the stock. Zacks Research raised shares of ArriVent BioPharma from a “strong sell” rating to a “hold” rating in a research report on Friday, December 5th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of ArriVent BioPharma in a research report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $40.00.

ArriVent BioPharma Stock Performance

The stock has a market capitalization of $906.92 million, a PE ratio of -5.18 and a beta of 1.03. The firm’s 50 day moving average is $21.37 and its two-hundred day moving average is $20.27.

ArriVent BioPharma (NASDAQ:AVBP) last posted its quarterly earnings results on Monday, November 10th. The company reported ($0.83) EPS for the quarter, missing the consensus estimate of ($0.78) by ($0.05). On average, analysts anticipate that ArriVent BioPharma, Inc. will post -2.74 EPS for the current year.

Institutional Investors Weigh In On ArriVent BioPharma

A number of hedge funds have recently bought and sold shares of AVBP. Suvretta Capital Management LLC boosted its stake 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 valued at $68,329,000 after buying an additional 290,664 shares during the period. Vanguard Group Inc. raised its holdings in ArriVent BioPharma by 36.8% in the third quarter. Vanguard Group Inc. now owns 2,029,531 shares of the company’s stock valued at $37,445,000 after acquiring an additional 545,991 shares in the last quarter. Fund 1 Investments LLC lifted its stake in ArriVent BioPharma by 17.3% in the third quarter. Fund 1 Investments LLC now owns 619,851 shares of the company’s stock worth $11,436,000 after acquiring an additional 91,456 shares during the last quarter. UBS Group AG lifted its stake in ArriVent BioPharma by 474.7% in 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. Finally, Woodline Partners LP grew its holdings in ArriVent BioPharma by 102.1% during the 3rd quarter. Woodline Partners LP now owns 296,916 shares of the company’s stock worth $5,478,000 after acquiring an additional 150,000 shares in the last quarter. 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.