ArriVent BioPharma (NASDAQ:AVBP) Price Target Cut to $31.00 by Analysts at Citigroup

ArriVent BioPharma (NASDAQ:AVBP) had its target price reduced by equities researchers at Citigroup from $33.00 to $31.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Citigroup’s target price points to a potential upside of 60.84% from the company’s previous close.

AVBP has been the subject of a number of other research reports. HC Wainwright reiterated a “buy” rating and issued a $42.00 price objective (up previously from $40.00) on shares of ArriVent BioPharma in a report on Tuesday, August 12th. Weiss Ratings reissued a “sell (d-)” rating on shares of ArriVent BioPharma in a research report on Wednesday, October 8th. B. Riley raised shares of ArriVent BioPharma to a “strong-buy” rating in a research report on Monday, August 25th. Finally, Zacks Research downgraded ArriVent BioPharma from a “hold” rating to a “strong sell” rating in a research note on Monday, October 13th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $38.86.

ArriVent BioPharma Price Performance

AVBP stock traded up $0.67 during midday trading on Tuesday, reaching $19.27. 213,888 shares of the company were exchanged, compared to its average volume of 276,714. The business has a 50-day moving average price of $19.06 and a two-hundred day moving average price of $20.28. The firm has a market capitalization of $781.93 million, a price-to-earnings ratio of -4.78 and a beta of 1.11. ArriVent BioPharma has a one year low of $15.47 and a one year high of $34.35.

ArriVent BioPharma (NASDAQ:AVBP) last announced its earnings results on Monday, November 10th. The company reported ($0.83) EPS for the quarter, missing the consensus estimate of ($0.78) by ($0.05). As a group, analysts anticipate that ArriVent BioPharma will post -2.74 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ArriVent BioPharma

Large investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in shares of ArriVent BioPharma by 36.8% in the third quarter. Vanguard Group Inc. now owns 2,029,531 shares of the company’s stock worth $37,445,000 after buying an additional 545,991 shares during the period. Bessemer Group Inc. purchased a new position in shares of ArriVent BioPharma during the third quarter valued at about $26,000. AlphaQuest LLC bought a new stake in ArriVent BioPharma in the third quarter worth $765,000. SG Americas Securities LLC lifted its holdings in shares of ArriVent BioPharma by 34.5% in the 3rd quarter. SG Americas Securities LLC now owns 36,942 shares of the company’s stock valued at $682,000 after acquiring an additional 9,469 shares during the last quarter. Finally, Squarepoint Ops LLC increased its position in shares of ArriVent BioPharma by 1,009.1% during the 2nd quarter. Squarepoint Ops LLC now owns 204,355 shares of the company’s stock valued at $4,449,000 after purchasing an additional 185,929 shares during the last quarter. 9.48% of the stock is currently owned by institutional investors.

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.