ArriVent BioPharma (NASDAQ:AVBP) Price Target Raised to $24.00

ArriVent BioPharma (NASDAQ:AVBP) had its price objective increased by Truist Financial from $21.00 to $24.00 in a report released on Tuesday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other research firms have also commented on AVBP. Jefferies Financial Group set a $18.00 price objective on shares of ArriVent BioPharma in a research note on Tuesday, October 6th. HC Wainwright dropped their price objective on shares of ArriVent BioPharma from $47.00 to $27.00 and set a “buy” rating for the company in a report on Thursday, October 8th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of ArriVent BioPharma in a research note on Tuesday, September 22nd. B. Riley Financial reduced their target price on shares of ArriVent BioPharma from $45.00 to $29.00 and set a “buy” rating on the stock in a report on Tuesday, October 20th. Finally, Citigroup decreased their price target on shares of ArriVent BioPharma from $40.00 to $20.00 and set a “buy” rating for the company in a research report on Wednesday, October 7th. Nine investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $24.89.

ArriVent BioPharma Price Performance

Shares of ArriVent BioPharma stock opened at $13.07 on Tuesday. The business has a 50-day moving average of $21.72 and a 200 day moving average of $26.45. ArriVent BioPharma has a 12 month low of $11.36 and a 12 month high of $35.83. The stock has a market capitalization of $675.98 million, a price-to-earnings ratio of -3.63 and a beta of 1.66.

ArriVent BioPharma (NASDAQ:AVBP) last released its earnings results on Monday, November 9th. The company reported ($0.81) earnings per share for the quarter, beating the consensus estimate of ($1.05) by $0.24. The firm had revenue of $5.00 million during the quarter, compared to analyst estimates of $0.80 million. Equities research analysts anticipate that ArriVent BioPharma will post -3.81 earnings per share for the current year.

Institutional Investors Weigh In On ArriVent BioPharma

Several large investors have recently bought and sold shares of AVBP. Hhlr Advisors LTD. acquired a new stake in ArriVent BioPharma in the 2nd quarter valued at about $136,498,000. BlackRock Inc. acquired a new position in shares of ArriVent BioPharma during the second quarter worth about $112,919,000. General Catalyst Group Management LLC acquired a new position in shares of ArriVent BioPharma during the second quarter worth about $51,929,000. Vivo Capital LLC acquired a new position in shares of ArriVent BioPharma during the first quarter worth about $20,438,000. Finally, Seven Fleet Capital Management LP increased its stake in shares of ArriVent BioPharma by 390.7% during the second quarter. Seven Fleet Capital Management LP now owns 246,606 shares of the company’s stock worth $8,567,000 after buying an additional 196,354 shares during the period. Hedge funds and other institutional investors own 9.48% of the company’s stock.

About ArriVent BioPharma

ArriVent BioPharma is a clinical-stage biopharmaceutical company focused on developing medicines for people with cancer. The company advances therapies intended to address significant unmet medical needs, with an emphasis on treatments that may offer new options for patients with difficult-to-treat tumors. Its lead clinical program is furmonertinib, an oral targeted therapy being studied for non-small cell lung cancer with certain epidermal growth factor receptor (EGFR) mutations, including exon 20 insertion mutations.