ArriVent BioPharma (NASDAQ:AVBP) Trading Up 6.8% – Here’s Why

ArriVent BioPharma, Inc. (NASDAQ:AVBP)’s stock price rose 6.8% during mid-day trading on Wednesday . The stock traded as high as $29.91 and last traded at $30.19. 177,204 shares traded hands during mid-day trading, a decline of 66% from the average daily volume of 524,598 shares. The stock had previously closed at $28.26.

Analyst Ratings Changes

AVBP has been the topic of a number of recent research reports. Truist Financial boosted their target price on shares of ArriVent BioPharma from $43.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, May 29th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ArriVent BioPharma in a research report on Friday, July 17th. Cantor Fitzgerald reiterated an “overweight” rating on shares of ArriVent BioPharma in a research note on Friday, May 22nd. Finally, Citigroup reduced their price target on ArriVent BioPharma from $45.00 to $43.00 and set a “buy” rating for the company in a report on Wednesday, May 13th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $44.83.

ArriVent BioPharma Trading Up 3.6%

The stock has a market capitalization of $1.47 billion, a P/E ratio of -9.09 and a beta of 1.29. The stock’s 50 day simple moving average is $31.10 and its 200 day simple moving average is $26.83.

ArriVent BioPharma (NASDAQ:AVBP) last issued its earnings results on Monday, May 11th. The company reported ($0.96) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.88) by ($0.08). On average, sell-side analysts expect that ArriVent BioPharma, Inc. will post -3.9 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. raised its stake in ArriVent BioPharma by 27.9% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,006 shares of the company’s stock worth $40,000 after acquiring an additional 438 shares during the period. Wellington Management Group LLP increased its position in ArriVent BioPharma by 0.7% in the 4th quarter. Wellington Management Group LLP now owns 82,278 shares of the company’s stock valued at $1,655,000 after acquiring an additional 532 shares during the period. Woodline Partners LP lifted its holdings in ArriVent BioPharma by 0.4% in the first quarter. Woodline Partners LP now owns 146,373 shares of the company’s stock worth $2,706,000 after purchasing an additional 576 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of ArriVent BioPharma by 4.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 14,743 shares of the company’s stock valued at $297,000 after acquiring an additional 585 shares during the period. Finally, BNP Paribas Financial Markets grew its holdings in ArriVent BioPharma by 31.0% during the second quarter. BNP Paribas Financial Markets now owns 2,571 shares of the company’s stock worth $56,000 after acquiring an additional 609 shares during the period. 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. In addition, the company develops Furmonertinib, a third-generation tyrosine kinase inhibitor that is in multiple clinical trials across a range of epidermal growth factor receptor mutations (EFGRm) in non-small cell lung cancer (NSCLC), including a phase 3 clinical trial for treatment of patients with metastatic EFGRm NSCLC; phase 1b clinical trial for treatment of patients with NSCLC with other EGFR mutations and NSCLC with HER2 Exon 20 insertion mutations; and ARR-002.