ArriVent BioPharma (NASDAQ:AVBP) Now Covered by B. Riley

Equities researchers at B. Riley assumed coverage on shares of ArriVent BioPharma (NASDAQ:AVBP) in a research report issued on Thursday, MarketBeat.com reports. The brokerage set a “buy” rating and a $37.00 price target on the stock. B. Riley’s target price points to a potential upside of 88.78% from the stock’s previous close.

Several other brokerages have also recently commented on AVBP. HC Wainwright restated a “buy” rating and set a $39.00 price objective on shares of ArriVent BioPharma in a research note on Friday, March 7th. Guggenheim started coverage on shares of ArriVent BioPharma in a report on Monday, March 10th. They issued a “buy” rating and a $45.00 price target on the stock. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $39.00.

ArriVent BioPharma Price Performance

NASDAQ AVBP opened at $19.60 on Thursday. The company has a market cap of $666.71 million, a price-to-earnings ratio of -7.63 and a beta of 1.00. The stock’s fifty day moving average price is $25.18 and its 200 day moving average price is $26.82. ArriVent BioPharma has a 1 year low of $14.35 and a 1 year high of $36.37.

ArriVent BioPharma (NASDAQ:AVBP) last announced its quarterly earnings data on Monday, March 3rd. The company reported ($0.60) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.78) by $0.18. Research analysts expect that ArriVent BioPharma will post -2.74 earnings per share for the current year.

Institutional Trading of ArriVent BioPharma

Hedge funds have recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of ArriVent BioPharma in the fourth quarter worth about $31,000. Tower Research Capital LLC TRC increased its stake in shares of ArriVent BioPharma by 773.8% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,599 shares of the company’s stock valued at $43,000 after purchasing an additional 1,416 shares in the last quarter. Virtus ETF Advisers LLC purchased a new position in shares of ArriVent BioPharma in the 4th quarter valued at about $73,000. KLP Kapitalforvaltning AS acquired a new position in ArriVent BioPharma in the 4th quarter worth about $83,000. Finally, China Universal Asset Management Co. Ltd. purchased a new position in ArriVent BioPharma during the fourth quarter worth approximately $190,000. 9.48% of the stock is owned by hedge funds and other institutional investors.

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.