ArriVent BioPharma (NASDAQ:AVBP) Trading Up 6.8% – Still a Buy?

ArriVent BioPharma, Inc. (NASDAQ:AVBP)’s share price traded up 6.8% on Thursday . The company traded as high as $23.40 and last traded at $23.09. 334,457 shares changed hands during mid-day trading, a decline of 31% from the average session volume of 482,153 shares. The stock had previously closed at $21.62.

Analysts Set New Price Targets

A number of research analysts have recently commented on AVBP shares. Citigroup dropped their price objective on ArriVent BioPharma from $33.00 to $31.00 and set a “buy” rating on the stock in a report on Tuesday, November 11th. Weiss Ratings reiterated a “sell (d-)” rating on shares of ArriVent BioPharma in a research note on Wednesday, January 21st. Cantor Fitzgerald initiated coverage on shares of ArriVent BioPharma in a report on Monday, December 22nd. They set an “overweight” rating on the stock. BTIG Research began coverage on shares of ArriVent BioPharma in a 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 issued a “buy” rating and a $43.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, ArriVent BioPharma currently has a consensus rating of “Moderate Buy” and a consensus price target of $40.00.

ArriVent BioPharma Price Performance

The business’s 50-day moving average price is $22.12 and its 200-day moving average price is $20.40. The firm has a market capitalization of $925.50 million, a PE ratio of -5.29 and a beta of 1.02.

ArriVent BioPharma (NASDAQ:AVBP) last released 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). Equities analysts forecast that ArriVent BioPharma, Inc. will post -2.74 earnings per share for the current year.

Institutional Investors Weigh In On ArriVent BioPharma

Several hedge funds have recently made changes to their positions in AVBP. Squarepoint Ops LLC increased its holdings in shares of ArriVent BioPharma by 1,009.1% in the second 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 period. Fund 1 Investments LLC acquired a new stake in shares of ArriVent BioPharma during the second quarter worth $11,503,000. Moody Aldrich Partners LLC purchased a new position in ArriVent BioPharma in the 2nd quarter valued at $1,558,000. AXQ Capital LP acquired a new position in ArriVent BioPharma in the 2nd quarter valued at $277,000. Finally, AlphaQuest LLC acquired a new position in ArriVent BioPharma in the 3rd quarter valued at $765,000. Institutional investors and hedge funds 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.