ArriVent BioPharma (NASDAQ:AVBP) Shares Gap Up – Still a Buy?

Shares of ArriVent BioPharma, Inc. (NASDAQ:AVBP) gapped up before the market opened on Thursday . The stock had previously closed at $19.60, but opened at $20.19. ArriVent BioPharma shares last traded at $20.04, with a volume of 6,378 shares.

Analysts Set New Price Targets

Several brokerages have issued reports on AVBP. HC Wainwright reaffirmed a “buy” rating and set a $39.00 price objective on shares of ArriVent BioPharma in a report on Friday, March 7th. B. Riley began coverage on ArriVent BioPharma in a report on Thursday. They set a “buy” rating and a $37.00 price objective on the stock. Finally, Guggenheim began coverage on ArriVent BioPharma in a report on Monday, March 10th. They set a “buy” rating and a $45.00 price objective on the stock. Five research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $39.00.

ArriVent BioPharma Stock Down 0.1 %

The stock has a fifty day moving average of $24.92 and a 200-day moving average of $26.72. The stock has a market cap of $663.99 million, a PE ratio of -7.60 and a beta of 1.00.

ArriVent BioPharma (NASDAQ:AVBP) last released its quarterly earnings results on Monday, March 3rd. The company reported ($0.60) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.78) by $0.18. Equities research analysts forecast that ArriVent BioPharma, Inc. will post -2.74 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ArriVent BioPharma

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. lifted its position in ArriVent BioPharma by 153.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 202,368 shares of the company’s stock valued at $4,756,000 after purchasing an additional 122,641 shares during the period. Geode Capital Management LLC lifted its position in ArriVent BioPharma by 154.2% in the third quarter. Geode Capital Management LLC now owns 597,165 shares of the company’s stock valued at $14,036,000 after purchasing an additional 362,221 shares during the period. Mirae Asset Global Investments Co. Ltd. acquired a new stake in ArriVent BioPharma in the fourth quarter valued at about $31,000. Barclays PLC lifted its position in ArriVent BioPharma by 1,124.8% in the third quarter. Barclays PLC now owns 41,522 shares of the company’s stock valued at $976,000 after purchasing an additional 38,132 shares during the period. Finally, State Street Corp lifted its position in ArriVent BioPharma by 210.4% in the third quarter. State Street Corp now owns 476,809 shares of the company’s stock valued at $11,205,000 after purchasing an additional 323,186 shares during the period. 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.