ArriVent BioPharma (NASDAQ:AVBP) Posts Earnings Results, Misses Estimates By $0.05 EPS

ArriVent BioPharma (NASDAQ:AVBP) announced its earnings results on Monday. The company reported ($0.83) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.78) by ($0.05), Zacks reports.

ArriVent BioPharma Price Performance

Shares of ArriVent BioPharma stock traded up $0.24 on Tuesday, hitting $18.84. 69,130 shares of the company’s stock traded hands, compared to its average volume of 276,005. The firm’s 50-day moving average price is $19.06 and its two-hundred day moving average price is $20.28. The stock has a market capitalization of $764.12 million, a PE ratio of -4.68 and a beta of 1.11. ArriVent BioPharma has a one year low of $15.47 and a one year high of $34.35.

Institutional Investors Weigh In On ArriVent BioPharma

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BNP Paribas Financial Markets lifted its stake in ArriVent BioPharma by 31.0% in the second quarter. BNP Paribas Financial Markets now owns 2,571 shares of the company’s stock valued at $56,000 after buying an additional 609 shares during the period. Tower Research Capital LLC TRC increased its stake in shares of ArriVent BioPharma by 571.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 6,669 shares of the company’s stock valued at $145,000 after acquiring an additional 5,676 shares during the last quarter. Jane Street Group LLC acquired a new stake in shares of ArriVent BioPharma in the 1st quarter valued at approximately $189,000. Walleye Capital LLC acquired a new stake in shares of ArriVent BioPharma in the 2nd quarter valued at approximately $206,000. Finally, Brevan Howard Capital Management LP bought a new position in ArriVent BioPharma during the 2nd quarter worth approximately $209,000. Institutional investors own 9.48% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently commented on AVBP. Zacks Research cut shares of ArriVent BioPharma from a “hold” rating to a “strong sell” rating in a research note on Monday, October 13th. Citigroup reiterated a “buy” rating and issued a $33.00 price objective (down from $40.00) on shares of ArriVent BioPharma in a research report on Tuesday, August 12th. B. Riley raised ArriVent BioPharma to a “strong-buy” rating in a research note on Monday, August 25th. Weiss Ratings restated a “sell (d-)” rating on shares of ArriVent BioPharma in a research report on Wednesday, October 8th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $42.00 price target (up previously from $40.00) on shares of ArriVent BioPharma in a research note on Tuesday, August 12th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $39.14.

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.