ArriVent BioPharma (NASDAQ:AVBP) Shares Gap Down – Time to Sell?

ArriVent BioPharma, Inc. (NASDAQ:AVBP – Get Free Report) shares gapped down before the market opened on Monday. The stock had previously closed at $21.00, but opened at $18.14. ArriVent BioPharma shares last traded at $15.6320, with a volume of 498,649 shares trading hands.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Guggenheim cut their price target on shares of ArriVent BioPharma from $45.00 to $18.00 and set a “buy” rating on the stock in a report on Wednesday, October 7th. Jefferies Financial Group set a $18.00 price objective on shares of ArriVent BioPharma in a report on Tuesday, October 6th. B. Riley Financial lowered their price objective on shares of ArriVent BioPharma from $45.00 to $29.00 and set a “buy” rating for the company in a research report on Tuesday, October 20th. Cantor Fitzgerald restated an “overweight” rating on shares of ArriVent BioPharma in a research note on Tuesday, September 22nd. Finally, JonesTrading dropped their target price on shares of ArriVent BioPharma from $45.00 to $22.00 and set a “buy” rating on the stock in a research note on Wednesday, October 7th. Nine investment analysts have rated the stock with 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 presently has an average rating of “Moderate Buy” and an average price target of $25.67.

View Our Latest Report on ArriVent BioPharma

ArriVent BioPharma Trading Down 23.3%

The stock has a 50-day simple moving average of $26.19 and a two-hundred day simple moving average of $28.94. The firm has a market capitalization of $794.68 million, a P/E ratio of -4.46 and a beta of 1.34.

ArriVent BioPharma (NASDAQ:AVBP – Get Free Report) last posted its quarterly earnings results on Wednesday, August 12th. The company reported ($1.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.99) by ($0.06). As a group, research analysts expect that ArriVent BioPharma, Inc. will post -4.04 EPS for the current year.

Institutional Trading of ArriVent BioPharma

A number of hedge funds have recently added to or reduced their stakes in the business. Sterling Capital Management LLC raised its holdings in shares of ArriVent BioPharma by 843.6% in the 3rd quarter. Sterling Capital Management LLC now owns 1,255 shares of the company’s stock valued at $38,000 after purchasing an additional 1,122 shares in the last quarter. Assenagon Asset Management S.A. purchased a new stake in shares of ArriVent BioPharma in the 3rd quarter worth approximately $2,032,000. Tidal Investments LLC purchased a new stake in shares of ArriVent BioPharma in the 2nd quarter worth approximately $1,981,000. Engineers Gate Manager LP bought a new position in shares of ArriVent BioPharma during the second quarter valued at approximately $773,000. Finally, Arizona State Retirement System bought a new position in shares of ArriVent BioPharma during the second quarter valued at approximately $233,000. 9.48% of the stock is owned by hedge funds and other institutional investors.

About ArriVent BioPharma

(Get Free Report)

ArriVent BioPharma, Inc is a clinical-stage biopharmaceutical company focused on developing and commercializing precision oncology therapies for patients with genetically defined cancers. The company’s primary focus is on targeted treatments for non-small cell lung cancer (NSCLC), particularly tumors driven by mutations in the epidermal growth factor receptor (EGFR) gene.

ArriVent’s lead product candidate is furmonertinib, an oral, irreversible EGFR tyrosine kinase inhibitor designed to target a range of EGFR mutations, including common mutations and exon 20 insertion mutations.

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