ArriVent BioPharma (NASDAQ:AVBP) Stock Price Down 6.8% – Here’s Why

ArriVent BioPharma, Inc. (NASDAQ:AVBP) shares fell 6.8% during mid-day trading on Monday. The stock traded as low as $13.85 and last traded at $13.8650. Approximately 152,576 shares changed hands during trading, a decline of 79% from the average session volume of 727,984 shares. The stock had previously closed at $14.87.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on AVBP. B. Riley Financial decreased their price objective on ArriVent BioPharma from $45.00 to $29.00 and set a “buy” rating on the stock in a report on Tuesday, October 20th. BTIG Research reaffirmed a “buy” rating and issued a $29.00 target price on shares of ArriVent BioPharma in a research report on Friday, October 16th. HC Wainwright decreased their price target on shares of ArriVent BioPharma from $47.00 to $27.00 and set a “buy” rating on the stock in a research note on Thursday, October 8th. Citigroup lowered their price target on shares of ArriVent BioPharma from $40.00 to $20.00 and set a “buy” rating on the stock in a report on Wednesday, October 7th. Finally, Jefferies Financial Group set a $18.00 price objective on shares of ArriVent BioPharma in a research note on Tuesday, October 6th. Nine equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $24.56.

ArriVent BioPharma Stock Performance

The company has a market capitalization of $676.29 million, a P/E ratio of -3.80 and a beta of 1.66. The firm has a 50 day moving average price of $24.75 and a two-hundred day moving average price of $26.88.

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 analysts’ consensus estimates of ($0.99) by ($0.06). On average, equities analysts expect that ArriVent BioPharma, Inc. will post -4.04 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Sterling Capital Management LLC lifted its holdings in shares of ArriVent BioPharma by 843.6% during the third quarter. Sterling Capital Management LLC now owns 1,255 shares of the company’s stock valued at $38,000 after acquiring an additional 1,122 shares during the period. Quantbot Technologies LP bought a new stake in shares of ArriVent BioPharma in the 2nd quarter worth about $59,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of ArriVent BioPharma in the 3rd quarter worth about $76,000. Glenmede Trust Co. NA acquired a new stake in shares of ArriVent BioPharma during the 1st quarter worth about $209,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in shares of ArriVent BioPharma during the 1st quarter worth about $209,000. 9.48% of the stock is owned by institutional investors.

About ArriVent BioPharma

ArriVent BioPharma, Inc is a clinical-stage biopharmaceutical company focused on developing and commercializing precision oncology therapies for patients with genetically defined cancers. The company’s primary focus is on targeted treatments for non-small cell lung cancer (NSCLC), particularly tumors driven by mutations in the epidermal growth factor receptor (EGFR) gene.

ArriVent’s lead product candidate is furmonertinib, an oral, irreversible EGFR tyrosine kinase inhibitor designed to target a range of EGFR mutations, including common mutations and exon 20 insertion mutations.