ArriVent BioPharma (NASDAQ:AVBP) Stock Price Up 9.7% – Here’s What Happened

ArriVent BioPharma, Inc. (NASDAQ:AVBP) shares rose 9.7% on Thursday . The company traded as high as $33.00 and last traded at $32.68. Approximately 194,230 shares traded hands during mid-day trading, a decline of 61% from the average daily volume of 498,834 shares. The stock had previously closed at $29.78.

Wall Street Analysts Forecast Growth

AVBP has been the topic of a number of research analyst reports. Citigroup reduced their price target on shares of ArriVent BioPharma from $45.00 to $43.00 and set a “buy” rating on the stock in a research note on Wednesday, May 13th. Weiss Ratings restated a “sell (d-)” rating on shares of ArriVent BioPharma in a research note on Monday, April 20th. Oppenheimer restated an “outperform” rating and issued a $50.00 price target (up from $44.00) on shares of ArriVent BioPharma in a research note on Friday, March 6th. BTIG Research initiated coverage on shares of ArriVent BioPharma in a research note on Thursday, March 12th. They issued a “buy” rating and a $42.00 price target on the stock. Finally, HC Wainwright raised their price target on shares of ArriVent BioPharma from $42.00 to $44.00 and gave the company a “buy” rating in a research note on Friday, March 6th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $43.38.

ArriVent BioPharma Price Performance

The firm has a market capitalization of $1.55 billion, a price-to-earnings ratio of -9.62 and a beta of 1.41. The stock has a fifty day moving average of $27.57 and a two-hundred day moving average of $24.26.

ArriVent BioPharma (NASDAQ:AVBP) last posted its quarterly earnings data on Monday, May 11th. The company reported ($0.96) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.88) by ($0.08). On average, research analysts forecast that ArriVent BioPharma, Inc. will post -3.78 EPS for the current year.

Hedge Funds Weigh In On ArriVent BioPharma

Hedge funds have recently bought and sold shares of the company. Suvretta Capital Management LLC raised its stake in ArriVent BioPharma by 8.5% during the third quarter. Suvretta Capital Management LLC now owns 3,703,452 shares of the company’s stock worth $68,329,000 after buying an additional 290,664 shares during the last quarter. Anson Funds Management LP bought a new position in ArriVent BioPharma during the third quarter worth $1,843,000. Tema Etfs LLC bought a new position in ArriVent BioPharma during the fourth quarter worth $644,000. AIHC Capital Management Ltd bought a new position in ArriVent BioPharma during the fourth quarter worth $12,973,000. Finally, AlphaQuest LLC bought a new position in ArriVent BioPharma during the third quarter worth $765,000. 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.