ArriVent BioPharma (NASDAQ:AVBP) Price Target Cut to $29.00 by Analysts at B. Riley Financial

ArriVent BioPharma (NASDAQ:AVBP – Get Free Report) had its price target reduced by investment analysts at B. Riley Financial from $45.00 to $29.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. B. Riley Financial’s target price would indicate a potential upside of 55.78% from the company’s previous close.

AVBP has been the subject of a number of other reports. Guggenheim dropped their target price on shares of ArriVent BioPharma from $45.00 to $18.00 and set a “buy” rating for the company in a report on Wednesday, October 7th. Cantor Fitzgerald reissued an “overweight” rating on shares of ArriVent BioPharma in a research report on Tuesday, September 22nd. HC Wainwright decreased their target price on shares of ArriVent BioPharma from $47.00 to $27.00 and set a “buy” rating on the stock in a research report on Thursday, October 8th. BTIG Research reaffirmed a “buy” rating and issued a $29.00 target price on shares of ArriVent BioPharma in a research note on Friday. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of ArriVent BioPharma in a research report on Thursday. Nine research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, ArriVent BioPharma presently has an average rating of “Moderate Buy” and an average target price of $25.67.

Get Our Latest Analysis on ArriVent BioPharma

ArriVent BioPharma Stock Up 3.8%

ArriVent BioPharma stock traded up $0.68 during trading on Tuesday, reaching $18.62. The stock had a trading volume of 288,331 shares, compared to its average volume of 677,822. The stock has a market cap of $917.95 million, a PE ratio of -5.14 and a beta of 1.34. ArriVent BioPharma has a 52-week low of $11.36 and a 52-week high of $35.83. The business has a 50 day moving average price of $27.07 and a 200 day moving average price of $29.09.

ArriVent BioPharma (NASDAQ:AVBP – Get Free Report) last issued its quarterly earnings results on Wednesday, August 12th. The company reported ($1.05) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.99) by ($0.06). On average, equities analysts predict that ArriVent BioPharma will post -4.05 EPS for the current fiscal year.

Institutional Investors Weigh In On ArriVent BioPharma

Institutional investors have recently made changes to their positions in the company. Hhlr Advisors LTD. bought a new stake in shares of ArriVent BioPharma in the 2nd quarter valued at approximately $136,498,000. BlackRock Inc. bought a new position in ArriVent BioPharma during the second quarter worth $112,919,000. General Catalyst Group Management LLC bought a new position in ArriVent BioPharma during the second quarter worth $51,929,000. Vivo Capital LLC acquired a new position in ArriVent BioPharma in the first quarter worth $20,438,000. Finally, Seven Fleet Capital Management LP boosted its holdings in ArriVent BioPharma by 390.7% in the second quarter. Seven Fleet Capital Management LP now owns 246,606 shares of the company’s stock worth $8,567,000 after purchasing an additional 196,354 shares during the period. 9.48% of the stock is currently owned by institutional investors.

ArriVent BioPharma Company Profile

(Get Free Report)

ArriVent BioPharma, Inc is a clinical-stage biopharmaceutical company focused on developing and commercializing precision medicines for patients with genetically defined cancers. The company seeks to identify promising therapies developed in other regions and advance them through clinical development and regulatory approval in the United States and other markets.

ArriVent’s lead product candidate is furmonertinib, an oral, irreversible epidermal growth factor receptor (EGFR) tyrosine kinase inhibitor designed to target specific EGFR mutations in non-small cell lung cancer, including EGFR exon 20 insertion mutations.

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