ArriVent BioPharma (NASDAQ:AVBP) Posts Quarterly Earnings Results, Misses Expectations By $0.07 EPS

ArriVent BioPharma (NASDAQ:AVBP) posted its quarterly earnings data on Wednesday. The company reported ($1.05) EPS for the quarter, missing analysts’ consensus estimates of ($0.98) by ($0.07), FiscalAI reports.

ArriVent BioPharma Stock Performance

Shares of NASDAQ:AVBP traded up $0.07 during midday trading on Wednesday, reaching $31.46. 294,250 shares of the company’s stock were exchanged, compared to its average volume of 517,888. The company’s 50 day simple moving average is $31.83 and its two-hundred day simple moving average is $27.72. ArriVent BioPharma has a 12 month low of $16.65 and a 12 month high of $35.83. The firm has a market capitalization of $1.47 billion, a PE ratio of -9.07 and a beta of 1.36.

Analysts Set New Price Targets

Several brokerages have commented on AVBP. Truist Financial lifted their price target on ArriVent BioPharma from $43.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, May 29th. Cantor Fitzgerald reissued an “overweight” rating on shares of ArriVent BioPharma in a research report on Friday, May 22nd. Weiss Ratings restated a “sell (d-)” rating on shares of ArriVent BioPharma in a research note on Friday, July 17th. Finally, Citigroup dropped their target price on shares of ArriVent BioPharma from $45.00 to $43.00 and set a “buy” rating on the stock in a research report on Wednesday, May 13th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $44.83.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Russell Investments Group Ltd. grew its stake in shares of ArriVent BioPharma by 9,747.6% in 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 period. BNP Paribas Financial Markets lifted its position in shares of ArriVent BioPharma by 31.0% during the 2nd quarter. BNP Paribas Financial Markets now owns 2,571 shares of the company’s stock worth $56,000 after buying an additional 609 shares during the period. Group One Trading LLC acquired a new stake in ArriVent BioPharma in the 4th quarter valued at $57,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in ArriVent BioPharma by 696.6% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,258 shares of the company’s stock valued at $60,000 after acquiring an additional 2,849 shares during the period. Finally, Tower Research Capital LLC TRC raised its stake in ArriVent BioPharma by 571.6% during the second quarter. Tower Research Capital LLC TRC now owns 6,669 shares of the company’s stock worth $145,000 after acquiring an additional 5,676 shares in the last quarter. 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.