Rafferty Asset Management LLC Raises Position in ArriVent BioPharma, Inc. (NASDAQ:AVBP)

Rafferty Asset Management LLC raised its holdings in ArriVent BioPharma, Inc. (NASDAQ:AVBP) by 186.3% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 27,299 shares of the company’s stock after buying an additional 17,763 shares during the period. Rafferty Asset Management LLC owned approximately 0.08% of ArriVent BioPharma worth $727,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in AVBP. JPMorgan Chase & Co. boosted its position in ArriVent BioPharma by 183.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 12,445 shares of the company’s stock valued at $292,000 after buying an additional 8,050 shares during the period. China Universal Asset Management Co. Ltd. purchased a new position in ArriVent BioPharma in the 4th quarter valued at approximately $190,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in ArriVent BioPharma in the 4th quarter valued at approximately $31,000. Rhumbline Advisers boosted its position in ArriVent BioPharma by 9.1% in the 4th quarter. Rhumbline Advisers now owns 36,690 shares of the company’s stock valued at $977,000 after buying an additional 3,069 shares during the period. Finally, New York State Common Retirement Fund boosted its position in ArriVent BioPharma by 34.6% in the 4th quarter. New York State Common Retirement Fund now owns 7,783 shares of the company’s stock valued at $207,000 after buying an additional 2,000 shares during the period. Hedge funds and other institutional investors own 9.48% of the company’s stock.

ArriVent BioPharma Price Performance

Shares of NASDAQ:AVBP opened at $20.63 on Friday. The company’s fifty day moving average price is $19.16 and its 200 day moving average price is $24.22. ArriVent BioPharma, Inc. has a 12 month low of $15.47 and a 12 month high of $36.37. The firm has a market capitalization of $705.81 million, a P/E ratio of -5.47 and a beta of 1.47.

ArriVent BioPharma (NASDAQ:AVBP) last announced its quarterly earnings results on Monday, May 12th. The company reported ($1.90) EPS for the quarter, missing the consensus estimate of ($0.66) by ($1.24). On average, sell-side analysts anticipate that ArriVent BioPharma, Inc. will post -2.74 EPS for the current year.

Analyst Ratings Changes

AVBP has been the subject of several recent research reports. Wall Street Zen cut shares of ArriVent BioPharma from a “hold” rating to a “strong sell” rating in a research report on Thursday. Jones Trading initiated coverage on shares of ArriVent BioPharma in a report on Tuesday. They issued a “buy” rating and a $40.00 price objective on the stock. B. Riley initiated coverage on shares of ArriVent BioPharma in a report on Thursday, March 20th. They issued a “buy” rating and a $37.00 price objective on the stock. HC Wainwright raised their price objective on shares of ArriVent BioPharma from $39.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, May 14th. Finally, Guggenheim initiated coverage on shares of ArriVent BioPharma in a report on Monday, March 10th. They issued a “buy” rating and a $45.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $39.29.

ArriVent BioPharma 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.