ArriVent BioPharma (NASDAQ:AVBP) Stock Price Up 5.6% – Here’s What Happened

ArriVent BioPharma, Inc. (NASDAQ:AVBP) was up 5.6% during trading on Thursday . The company traded as high as $26.62 and last traded at $26.6570. Approximately 164,164 shares were traded during trading, a decline of 67% from the average daily volume of 491,476 shares. The stock had previously closed at $25.25.

Analyst Ratings Changes

A number of equities research analysts have recently commented on AVBP shares. B. Riley Financial raised their price objective on shares of ArriVent BioPharma from $37.00 to $45.00 and gave the stock a “buy” rating in a research note on Monday, March 23rd. HC Wainwright raised their price objective on shares of ArriVent BioPharma from $42.00 to $44.00 and gave the stock a “buy” rating in a research note on Friday, March 6th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ArriVent BioPharma in a research note on Wednesday, January 21st. Citigroup increased their target price on ArriVent BioPharma from $31.00 to $33.00 and gave the company a “buy” rating in a research report on Friday, March 6th. Finally, Cantor Fitzgerald initiated coverage on ArriVent BioPharma in a research report on Monday, December 22nd. They set an “overweight” rating on the stock. Two investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $41.67.

ArriVent BioPharma Trading Up 6.1%

The stock has a market cap of $1.18 billion, a PE ratio of -6.09 and a beta of 0.85. The business has a 50-day moving average price of $23.20 and a 200-day moving average price of $21.63.

ArriVent BioPharma (NASDAQ:AVBP) last announced its earnings results on Thursday, March 5th. The company reported ($0.78) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.87) by $0.09. Equities analysts expect that ArriVent BioPharma, Inc. will post -2.74 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Mirae Asset Global Investments Co. Ltd. lifted its holdings in ArriVent BioPharma by 27.9% in the 4th 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 in the last quarter. Wellington Management Group LLP lifted its holdings in ArriVent BioPharma by 0.7% in the 4th quarter. Wellington Management Group LLP now owns 82,278 shares of the company’s stock valued at $1,655,000 after purchasing an additional 532 shares in the last quarter. Woodline Partners LP lifted its holdings in ArriVent BioPharma by 0.4% in the 1st quarter. Woodline Partners LP now owns 146,373 shares of the company’s stock valued at $2,706,000 after purchasing an additional 576 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in ArriVent BioPharma by 4.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 14,743 shares of the company’s stock valued at $297,000 after purchasing an additional 585 shares in the last quarter. Finally, BNP Paribas Financial Markets lifted its holdings in ArriVent BioPharma by 31.0% in the 2nd quarter. BNP Paribas Financial Markets now owns 2,571 shares of the company’s stock valued at $56,000 after purchasing an additional 609 shares in the last quarter. Hedge funds and other institutional investors own 9.48% of the company’s stock.

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.