ArriVent BioPharma (NASDAQ:AVBP) Shares Down 5.6% – Here’s Why

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

Wall Street Analysts Forecast Growth

A number of analysts have commented on AVBP shares. Citigroup reduced their target price on shares of ArriVent BioPharma from $33.00 to $31.00 and set a “buy” rating for the company in a report on Tuesday, November 11th. Weiss Ratings reissued a “sell (d-)” rating on shares of ArriVent BioPharma in a research report on Wednesday, January 21st. Cantor Fitzgerald assumed coverage on ArriVent BioPharma in a report on Monday, December 22nd. They issued an “overweight” rating on the stock. Zacks Research raised ArriVent BioPharma from a “strong sell” rating to a “hold” rating in a report on Friday, December 5th. Finally, 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. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $40.00.

ArriVent BioPharma Stock Down 2.2%

The stock has a fifty day simple moving average of $22.16 and a 200 day simple moving average of $20.39. The firm has a market capitalization of $882.98 million, a P/E ratio of -5.04 and a beta of 1.02.

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

Institutional Investors Weigh In On ArriVent BioPharma

Institutional investors and hedge funds have recently modified their holdings of the stock. Squarepoint Ops LLC boosted its holdings in shares of ArriVent BioPharma by 1,009.1% during the 2nd quarter. Squarepoint Ops LLC now owns 204,355 shares of the company’s stock valued at $4,449,000 after purchasing an additional 185,929 shares during the last quarter. Fund 1 Investments LLC purchased a new stake in shares of ArriVent BioPharma in the second quarter worth about $11,503,000. Moody Aldrich Partners LLC bought a new position in ArriVent BioPharma during the second quarter valued at approximately $1,558,000. AXQ Capital LP purchased a new position in ArriVent BioPharma during the 2nd quarter valued at approximately $277,000. Finally, AlphaQuest LLC bought a new stake in ArriVent BioPharma in the 3rd quarter worth approximately $765,000. Institutional investors own 9.48% of the company’s stock.

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.