ArriVent BioPharma (NASDAQ:AVBP) Releases Quarterly Earnings Results, Misses Expectations By $0.08 EPS

ArriVent BioPharma (NASDAQ:AVBP) issued its quarterly earnings results on Monday. The company reported ($0.96) EPS for the quarter, missing analysts’ consensus estimates of ($0.88) by ($0.08), FiscalAI reports.

ArriVent BioPharma Trading Down 3.5%

AVBP opened at $28.48 on Tuesday. The company has a market cap of $1.32 billion, a P/E ratio of -6.58 and a beta of 1.51. ArriVent BioPharma has a 1-year low of $16.10 and a 1-year high of $32.14. The company’s 50 day moving average is $26.13 and its 200-day moving average is $23.14.

Analyst Ratings Changes

A number of brokerages have issued reports on AVBP. Truist Financial upgraded shares of ArriVent BioPharma to a “strong-buy” rating in a research note on Monday, May 4th. Citigroup upped their price target on shares of ArriVent BioPharma from $33.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, April 24th. Weiss Ratings reiterated a “sell (d-)” rating on shares of ArriVent BioPharma in a research report on Monday, April 20th. BTIG Research began coverage on shares of ArriVent BioPharma in a research note on Thursday, March 12th. They issued a “buy” rating and a $42.00 price objective on the stock. Finally, HC Wainwright boosted their price objective 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. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $43.00.

Institutional Trading of ArriVent BioPharma

Large investors have recently added to or reduced their stakes in the stock. Dynamic Technology Lab Private Ltd purchased a new position in ArriVent BioPharma in the first quarter valued at about $266,000. Woodline Partners LP lifted its stake in ArriVent BioPharma by 0.4% in the first quarter. Woodline Partners LP now owns 146,373 shares of the company’s stock valued at $2,706,000 after purchasing an additional 576 shares during the last quarter. Jane Street Group LLC bought a new position in ArriVent BioPharma during the first quarter valued at $189,000. Legal & General Group Plc grew its holdings in ArriVent BioPharma by 8.8% during 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 period. Finally, Walleye Capital LLC purchased a new stake in ArriVent BioPharma in the second quarter worth $206,000. Hedge funds and other institutional investors 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.