ArriVent BioPharma (NASDAQ:AVBP) Stock Gets Price Target Trim from B. Riley Financial

ArriVent BioPharma (NASDAQ:AVBP) had its price target decreased by B. Riley Financial from $45.00 to $29.00 in a report issued on Tuesday,Benzinga reports. B. Riley Financial currently has a buy rating on the stock.

Several other research analysts also recently weighed in on AVBP. Citigroup cut their price target on ArriVent BioPharma from $40.00 to $20.00 and set a “buy” rating for the company in a report on Wednesday, October 7th. Jefferies Financial Group set a $18.00 price objective on ArriVent BioPharma in a report on Tuesday, October 6th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of ArriVent BioPharma in a research report on Tuesday, September 22nd. Wall Street Zen raised ArriVent BioPharma from a “strong sell” rating to a “sell” rating in a research report on Sunday, October 18th. Finally, BTIG Research reiterated a “buy” rating and issued a $29.00 target price on shares of ArriVent BioPharma in a research note on Friday, October 16th. Nine investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, ArriVent BioPharma presently has an average rating of “Moderate Buy” and an average price target of $25.67.

ArriVent BioPharma Price Performance

Shares of NASDAQ AVBP opened at $19.20 on Tuesday. The company has a 50-day simple moving average of $26.36 and a 200-day simple moving average of $28.97. The company has a market cap of $946.75 million, a PE ratio of -5.30 and a beta of 1.34. ArriVent BioPharma has a 12 month low of $11.36 and a 12 month high of $35.83.

ArriVent BioPharma (NASDAQ:AVBP) last announced its quarterly earnings data 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 anticipate that ArriVent BioPharma will post -4.04 EPS for the current year.

Institutional Investors Weigh In On ArriVent BioPharma

A number of institutional investors have recently added to or reduced their stakes in AVBP. Sterling Capital Management LLC increased its stake in ArriVent BioPharma by 843.6% during the third quarter. Sterling Capital Management LLC now owns 1,255 shares of the company’s stock worth $38,000 after acquiring an additional 1,122 shares during the last quarter. Assenagon Asset Management S.A. acquired a new position in shares of ArriVent BioPharma in the 3rd quarter valued at about $2,032,000. Tidal Investments LLC acquired a new position in shares of ArriVent BioPharma in the 2nd quarter valued at about $1,981,000. Engineers Gate Manager LP purchased a new stake in shares of ArriVent BioPharma during the 2nd quarter worth about $773,000. Finally, Arizona State Retirement System purchased a new stake in shares of ArriVent BioPharma during the 2nd quarter worth about $233,000. Hedge funds and other institutional investors own 9.48% of the company’s stock.

ArriVent BioPharma Company Profile

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.