Wellington Management Group LLP Grows Stake in ArriVent BioPharma, Inc. $AVBP

Wellington Management Group LLP lifted its position in ArriVent BioPharma, Inc. (NASDAQ:AVBP) by 28.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 100,855 shares of the company’s stock after purchasing an additional 22,642 shares during the quarter. Wellington Management Group LLP owned about 0.22% of ArriVent BioPharma worth $3,504,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in AVBP. General Catalyst Group Management LLC purchased a new position in ArriVent BioPharma during the second quarter worth about $51,929,000. Seven Fleet Capital Management LP raised its holdings in shares of ArriVent BioPharma by 390.7% in the 2nd quarter. Seven Fleet Capital Management LP now owns 246,606 shares of the company’s stock valued at $8,567,000 after acquiring an additional 196,354 shares in the last quarter. Corient Private Wealth LP bought a new stake in shares of ArriVent BioPharma during the 2nd quarter valued at about $708,000. Bank of America Corp DE bought a new stake in shares of ArriVent BioPharma during the 2nd quarter valued at about $6,075,000. Finally, Hhlr Advisors LTD. purchased a new position in shares of ArriVent BioPharma during the second quarter worth about $136,498,000. Hedge funds and other institutional investors own 9.48% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Truist Financial upped their price objective on shares of ArriVent BioPharma from $43.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, May 29th. Cantor Fitzgerald reissued an “overweight” rating on shares of ArriVent BioPharma in a research note on Friday, May 22nd. HC Wainwright increased their price target on shares of ArriVent BioPharma from $44.00 to $47.00 and gave the stock a “buy” rating in a report on Monday, August 17th. Weiss Ratings restated a “sell (d-)” rating on shares of ArriVent BioPharma in a research report on Friday, July 17th. Finally, Guggenheim reaffirmed a “buy” rating and set a $45.00 price objective on shares of ArriVent BioPharma in a report on Thursday, August 13th. Eight research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $44.86.

ArriVent BioPharma Trading Down 1.6%

Shares of NASDAQ AVBP opened at $29.79 on Thursday. The stock has a market cap of $1.47 billion, a price-to-earnings ratio of -8.23 and a beta of 1.35. ArriVent BioPharma, Inc. has a 1-year low of $17.00 and a 1-year high of $35.83. The stock’s 50-day moving average is $31.09 and its 200 day moving average is $28.85.

ArriVent BioPharma (NASDAQ:AVBP) last issued its earnings results on Wednesday, August 12th. The company reported ($1.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.99) by ($0.06). On average, analysts forecast that ArriVent BioPharma, Inc. will post -4.01 EPS for the current fiscal year.

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.