Wellington Management Group LLP Boosts Stock Holdings in ArriVent BioPharma, Inc. $AVBP

Wellington Management Group LLP lifted its stake in ArriVent BioPharma, Inc. (NASDAQ:AVBP) by 28.9% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 100,855 shares of the company’s stock after buying an additional 22,642 shares during the period. Wellington Management Group LLP’s holdings in ArriVent BioPharma were worth $3,504,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Dynamic Technology Lab Private Ltd purchased a new stake in ArriVent BioPharma during the 1st quarter valued at about $266,000. Woodline Partners LP increased its stake in ArriVent BioPharma by 0.4% in the 1st quarter. Woodline Partners LP now owns 146,373 shares of the company’s stock worth $2,706,000 after purchasing an additional 576 shares during the period. Jane Street Group LLC bought a new stake in ArriVent BioPharma in the first quarter valued at approximately $189,000. Legal & General Group Plc lifted its position in ArriVent BioPharma by 8.8% in the second quarter. Legal & General Group Plc now owns 14,790 shares of the company’s stock valued at $322,000 after purchasing an additional 1,197 shares during the last quarter. Finally, Walleye Capital LLC purchased a new stake in shares of ArriVent BioPharma during the second quarter valued at approximately $206,000. Institutional investors own 9.48% of the company’s stock.

ArriVent BioPharma Stock Performance

Shares of AVBP stock opened at $29.79 on Thursday. The firm has a market cap of $1.47 billion, a P/E ratio of -8.23 and a beta of 1.35. ArriVent BioPharma, Inc. has a fifty-two week low of $17.00 and a fifty-two week high of $35.83. The business’s 50 day moving average price is $31.09 and its 200-day moving average price is $28.85.

ArriVent BioPharma (NASDAQ:AVBP) last posted its earnings results on Wednesday, August 12th. The company reported ($1.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.99) by ($0.06). As a group, equities analysts predict that ArriVent BioPharma, Inc. will post -4.01 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on AVBP. Truist Financial raised their target price on shares of ArriVent BioPharma from $43.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, May 29th. Guggenheim reiterated a “buy” rating and set a $45.00 price target on shares of ArriVent BioPharma in a report on Thursday, August 13th. Citigroup dropped their price target on shares of ArriVent BioPharma from $43.00 to $40.00 and set a “buy” rating for the company in a research report on Thursday, August 13th. HC Wainwright raised their price target on shares of ArriVent BioPharma from $44.00 to $47.00 and gave the stock a “buy” rating in a report on Monday, August 17th. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of ArriVent BioPharma in a research report on Friday, May 22nd. Eight research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, ArriVent BioPharma presently has a consensus rating of “Moderate Buy” and an average target price of $44.86.

ArriVent BioPharma 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.