ArriVent BioPharma (NASDAQ:AVBP) Stock Price Down 5.6% – What’s Next?

Shares of ArriVent BioPharma, Inc. (NASDAQ:AVBP) traded down 5.6% during mid-day trading on Monday . The company traded as low as $20.71 and last traded at $20.6330. 155,809 shares traded hands during trading, a decline of 68% from the average session volume of 483,494 shares. The stock had previously closed at $21.86.

Analyst Upgrades and Downgrades

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

ArriVent BioPharma Trading Up 2.6%

The firm has a 50-day simple moving average of $22.12 and a 200-day simple moving average of $20.40. The firm has a market cap of $892.47 million, a P/E ratio of -5.10 and a beta of 1.02.

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

Hedge Funds Weigh In On ArriVent BioPharma

Institutional investors and hedge funds have recently bought and sold shares of the company. Bessemer Group Inc. acquired a new stake in ArriVent BioPharma during the 3rd quarter valued at approximately $26,000. Russell Investments Group Ltd. lifted its position in ArriVent BioPharma by 9,747.6% during the third quarter. Russell Investments Group Ltd. now owns 2,068 shares of the company’s stock valued at $38,000 after purchasing an additional 2,047 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its holdings in ArriVent BioPharma by 27.9% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,006 shares of the company’s stock valued at $40,000 after purchasing an additional 438 shares during the last quarter. BNP Paribas Financial Markets grew its position in ArriVent BioPharma by 31.0% during the 2nd quarter. BNP Paribas Financial Markets now owns 2,571 shares of the company’s stock worth $56,000 after purchasing an additional 609 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in ArriVent BioPharma by 696.6% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,258 shares of the company’s stock worth $60,000 after purchasing an additional 2,849 shares during the period. 9.48% of the stock is owned by hedge funds and other institutional investors.

ArriVent BioPharma Company Profile

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.