ArriVent BioPharma (NASDAQ:AVBP) Shares Down 3.2% – Should You Sell?

Shares of ArriVent BioPharma, Inc. (NASDAQ:AVBP) traded down 3.2% during mid-day trading on Wednesday . The stock traded as low as $21.93 and last traded at $21.5960. 72,351 shares traded hands during trading, a decline of 75% from the average session volume of 291,928 shares. The stock had previously closed at $22.32.

Analyst Ratings Changes

Several equities analysts have recently commented on AVBP shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of ArriVent BioPharma in a research note on Wednesday, October 8th. Zacks Research upgraded shares of ArriVent BioPharma from a “strong sell” rating to a “hold” rating in a research note on Friday, December 5th. Cantor Fitzgerald started coverage on shares of ArriVent BioPharma in a report on Monday. They set an “overweight” rating for the company. BTIG Research initiated coverage on shares of ArriVent BioPharma in a research report on Wednesday, December 10th. They issued a “buy” rating and a $45.00 target price for the company. Finally, Truist Financial initiated coverage on shares of ArriVent BioPharma in a research report on Tuesday, November 25th. They set a “buy” rating and a $43.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $40.00.

ArriVent BioPharma Price Performance

The stock’s fifty day simple moving average is $21.04 and its two-hundred day simple moving average is $20.62. The company has a market capitalization of $891.44 million, a price-to-earnings ratio of -5.09 and a beta of 0.95.

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, sell-side analysts predict that ArriVent BioPharma, Inc. will post -2.74 EPS for the current year.

Hedge Funds Weigh In On ArriVent BioPharma

Several institutional investors have recently made changes to their positions in AVBP. Vanguard Group Inc. grew its stake in ArriVent BioPharma by 36.8% during the 3rd quarter. Vanguard Group Inc. now owns 2,029,531 shares of the company’s stock worth $37,445,000 after buying an additional 545,991 shares during the last quarter. Fund 1 Investments LLC acquired a new position in shares of ArriVent BioPharma during the second quarter valued at $11,503,000. Infinitum Asset Management LLC grew its position in shares of ArriVent BioPharma by 25.7% during the first quarter. Infinitum Asset Management LLC now owns 2,066,238 shares of the company’s stock worth $38,205,000 after acquiring an additional 422,315 shares during the last quarter. UBS Group AG increased its holdings in shares of ArriVent BioPharma by 474.7% in the 3rd 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 period. Finally, Suvretta Capital Management LLC lifted its position in 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 purchasing an additional 290,664 shares during the last quarter. 9.48% of the stock is owned by institutional investors.

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.