Suvretta Capital Management LLC Buys 290,664 Shares of ArriVent BioPharma, Inc. $AVBP

Suvretta Capital Management LLC lifted its stake in ArriVent BioPharma, Inc. (NASDAQ:AVBP) by 8.5% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,703,452 shares of the company’s stock after buying an additional 290,664 shares during the quarter. ArriVent BioPharma makes up about 1.7% of Suvretta Capital Management LLC’s investment portfolio, making the stock its 17th largest position. Suvretta Capital Management LLC owned about 8.97% of ArriVent BioPharma worth $68,329,000 as of its most recent filing with the SEC.

Other institutional investors also recently bought and sold shares of the company. Bessemer Group Inc. bought a new stake in ArriVent BioPharma in the 3rd quarter valued at $26,000. Russell Investments Group Ltd. boosted its holdings in shares of ArriVent BioPharma by 9,747.6% during the 3rd quarter. Russell Investments Group Ltd. now owns 2,068 shares of the company’s stock valued at $38,000 after purchasing an additional 2,047 shares during the last quarter. BNP Paribas Financial Markets grew its position in shares of ArriVent BioPharma by 31.0% during the second quarter. BNP Paribas Financial Markets now owns 2,571 shares of the company’s stock valued at $56,000 after purchasing an additional 609 shares in the last quarter. Tower Research Capital LLC TRC grew its position in shares of ArriVent BioPharma by 571.6% during the second quarter. Tower Research Capital LLC TRC now owns 6,669 shares of the company’s stock valued at $145,000 after purchasing an additional 5,676 shares in the last quarter. Finally, Jane Street Group LLC bought a new stake in shares of ArriVent BioPharma in the first quarter worth about $189,000. 9.48% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms recently commented on AVBP. BTIG Research began coverage on ArriVent BioPharma in a research report on Thursday. They issued a “buy” rating and a $42.00 target price on the stock. Truist Financial began 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. Citigroup upped their price objective on ArriVent BioPharma from $31.00 to $33.00 and gave the stock a “buy” rating in a report on Friday, March 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of ArriVent BioPharma in a research report on Wednesday, January 21st. Finally, Cantor Fitzgerald began coverage on shares of ArriVent BioPharma in a report on Monday, December 22nd. They issued an “overweight” rating for the company. Two analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, ArriVent BioPharma currently has an average rating of “Moderate Buy” and an average target price of $40.78.

ArriVent BioPharma Trading Down 0.8%

AVBP opened at $23.90 on Friday. The firm has a market cap of $1.06 billion, a P/E ratio of -5.42 and a beta of 0.99. ArriVent BioPharma, Inc. has a 12 month low of $15.47 and a 12 month high of $27.22. The stock has a 50-day moving average of $22.60 and a 200 day moving average of $21.09.

ArriVent BioPharma (NASDAQ:AVBP) last issued its quarterly earnings data on Thursday, March 5th. The company reported ($0.78) earnings per share for the quarter, topping the consensus estimate of ($0.87) by $0.09. On average, research analysts forecast that ArriVent BioPharma, Inc. will post -2.74 earnings per share for the current fiscal year.

ArriVent BioPharma Company Profile

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.