ArriVent BioPharma (NASDAQ:AVBP) Shares Up 9.7% – Here’s Why
by Danessa Lincoln · The Markets DailyArriVent BioPharma, Inc. (NASDAQ:AVBP – Get Free Report) shares shot up 9.7% on Thursday . The company traded as high as $33.00 and last traded at $32.68. 194,230 shares changed hands during trading, a decline of 61% from the average session volume of 498,834 shares. The stock had previously closed at $29.78.
Analyst Ratings Changes
Several equities analysts have commented on AVBP shares. Cantor Fitzgerald reiterated an “overweight” rating on shares of ArriVent BioPharma in a report on Friday, May 22nd. Oppenheimer reiterated an “outperform” rating and issued a $50.00 price objective (up from $44.00) on shares of ArriVent BioPharma in a report on Friday, March 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of ArriVent BioPharma in a report on Monday, April 20th. Citigroup reduced their target price on shares of ArriVent BioPharma from $45.00 to $43.00 and set a “buy” rating for the company in a research report on Wednesday, May 13th. Finally, HC Wainwright boosted their target price on shares of ArriVent BioPharma from $42.00 to $44.00 and gave the company a “buy” rating in a research report 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 issued a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $43.38.
View Our Latest Stock Report on AVBP
ArriVent BioPharma Price Performance
The stock’s 50-day moving average price is $27.94 and its 200-day moving average price is $24.39. The company has a market cap of $1.41 billion, a P/E ratio of -8.75 and a beta of 1.41.
ArriVent BioPharma (NASDAQ:AVBP – Get Free Report) last announced its earnings results on Monday, May 11th. The company reported ($0.96) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.88) by ($0.08). As a group, analysts expect that ArriVent BioPharma, Inc. will post -3.78 EPS for the current fiscal year.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently made changes to their positions in AVBP. Bessemer Group Inc. acquired a new position in shares of ArriVent BioPharma in the third quarter valued at approximately $26,000. Russell Investments Group Ltd. increased its position in ArriVent BioPharma by 9,747.6% during 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. Mirae Asset Global Investments Co. Ltd. increased its position in ArriVent BioPharma by 27.9% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,006 shares of the company’s stock valued at $40,000 after purchasing an additional 438 shares during the period. BNP Paribas Financial Markets increased its position in ArriVent BioPharma by 31.0% during the 2nd quarter. BNP Paribas Financial Markets now owns 2,571 shares of the company’s stock valued at $56,000 after purchasing an additional 609 shares during the period. Finally, Group One Trading LLC acquired a new stake in ArriVent BioPharma during the 4th quarter valued at approximately $57,000. Institutional investors and hedge funds 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.