ArriVent BioPharma (NASDAQ:AVBP) Shares Up 7.2% – Here’s What Happened
by Mitch Edgeman · The Markets DailyArriVent BioPharma, Inc. (NASDAQ:AVBP – Get Free Report) shares rose 7.2% on Tuesday . The company traded as high as $21.78 and last traded at $21.91. Approximately 332,826 shares traded hands during mid-day trading, a decline of 21% from the average daily volume of 418,811 shares. The stock had previously closed at $20.44.
Analyst Upgrades and Downgrades
A number of equities analysts recently commented on AVBP shares. Cantor Fitzgerald assumed coverage on shares of ArriVent BioPharma in a research note on Monday, December 22nd. They set an “overweight” rating for the company. BTIG Research started coverage on ArriVent BioPharma in a report on Wednesday, December 10th. They set a “buy” rating and a $45.00 price target for the company. Zacks Research upgraded ArriVent BioPharma from a “strong sell” rating to a “hold” rating in a report on Friday, December 5th. Weiss Ratings reissued a “sell (d-)” rating on shares of ArriVent BioPharma in a research report on Wednesday, October 8th. Finally, Truist Financial assumed coverage on ArriVent BioPharma in a research note on Tuesday, November 25th. They set a “buy” rating and a $43.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $40.00.
Check Out Our Latest Stock Report on AVBP
ArriVent BioPharma Trading Up 7.5%
The business’s fifty day moving average price is $21.37 and its 200 day moving average price is $20.27. The firm has a market capitalization of $906.92 million, a price-to-earnings ratio of -5.18 and a beta of 1.03.
ArriVent BioPharma (NASDAQ:AVBP – Get Free Report) last issued its quarterly earnings results on Monday, November 10th. The company reported ($0.83) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.78) by ($0.05). As a group, sell-side analysts forecast that ArriVent BioPharma, Inc. will post -2.74 earnings per share for the current fiscal year.
Hedge Funds Weigh In On ArriVent BioPharma
Several institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in shares of ArriVent BioPharma by 36.8% during the third quarter. Vanguard Group Inc. now owns 2,029,531 shares of the company’s stock worth $37,445,000 after purchasing an additional 545,991 shares during the last quarter. Fund 1 Investments LLC acquired a new position in ArriVent BioPharma in the 2nd quarter valued at $11,503,000. UBS Group AG increased its stake in ArriVent BioPharma by 474.7% in the 3rd quarter. UBS Group AG now owns 497,601 shares of the company’s stock valued at $9,181,000 after buying an additional 411,013 shares during the period. Suvretta Capital Management LLC raised its position in ArriVent BioPharma by 8.5% during the 3rd 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. Finally, Franklin Resources Inc. acquired a new stake in shares of ArriVent BioPharma in the 3rd quarter worth $4,731,000. Institutional investors and hedge funds own 9.48% of the company’s stock.
About ArriVent BioPharma
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.