ArriVent BioPharma (NASDAQ:AVBP) Trading 8.4% Higher – Time to Buy?

Shares of ArriVent BioPharma, Inc. (NASDAQ:AVBP) rose 8.4% during trading on Tuesday . The stock traded as high as $22.55 and last traded at $22.7820. Approximately 78,112 shares traded hands during mid-day trading, a decline of 84% from the average daily volume of 492,013 shares. The stock had previously closed at $21.01.

Wall Street Analysts Forecast Growth

Several research analysts have commented on AVBP shares. Cantor Fitzgerald initiated coverage on shares of ArriVent BioPharma in a report on Monday, December 22nd. They set an “overweight” rating for the company. Citigroup boosted their target price on ArriVent BioPharma from $31.00 to $33.00 and gave the stock a “buy” rating in a research report on Friday, March 6th. Oppenheimer reissued an “outperform” rating and set a $50.00 price target (up from $44.00) on shares of ArriVent BioPharma in a research note on Friday, March 6th. Zacks Research upgraded ArriVent BioPharma from a “strong sell” rating to a “hold” rating in a report on Friday, December 5th. Finally, B. Riley Financial lifted their price objective on ArriVent BioPharma from $37.00 to $45.00 and gave the stock a “buy” rating in a research note on Monday, March 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, ArriVent BioPharma has an average rating of “Moderate Buy” and a consensus price target of $41.67.

ArriVent BioPharma Stock Performance

The business’s fifty day moving average price is $23.05 and its two-hundred day moving average price is $21.39. The stock has a market capitalization of $1.07 billion, a P/E ratio of -5.49 and a beta of 0.84.

ArriVent BioPharma (NASDAQ:AVBP) last announced its quarterly earnings results on Thursday, March 5th. The company reported ($0.78) EPS for the quarter, beating analysts’ consensus estimates of ($0.87) by $0.09. As a group, analysts forecast that ArriVent BioPharma, Inc. will post -2.74 earnings per share for the current year.

Hedge Funds Weigh In On ArriVent BioPharma

Institutional investors and hedge funds have recently modified their holdings of the stock. Bessemer Group Inc. purchased a new stake in ArriVent BioPharma during the 3rd quarter valued at $26,000. Mirae Asset Global Investments Co. Ltd. boosted its stake in ArriVent BioPharma by 27.9% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,006 shares of the company’s stock worth $40,000 after buying an additional 438 shares during the period. Russell Investments Group Ltd. boosted its stake in ArriVent BioPharma by 9,747.6% during the third quarter. Russell Investments Group Ltd. now owns 2,068 shares of the company’s stock worth $38,000 after buying an additional 2,047 shares during the period. BNP Paribas Financial Markets increased its position in 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 acquiring an additional 609 shares during the last quarter. Finally, Group One Trading LLC bought a new position in ArriVent BioPharma during the fourth quarter valued at $57,000. Hedge funds and other institutional investors own 9.48% of the company’s stock.

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.