ArriVent BioPharma (NASDAQ:AVBP) Sees Strong Trading Volume – Here’s Why

Shares of ArriVent BioPharma, Inc. (NASDAQ:AVBP) saw unusually-strong trading volume on Wednesday . Approximately 244,009 shares traded hands during trading, an increase of 27% from the previous session’s volume of 191,659 shares.The stock last traded at $23.03 and had previously closed at $23.12.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on AVBP. B. Riley began coverage on ArriVent BioPharma in a research report on Thursday, March 20th. They issued a “buy” rating and a $37.00 price target on the stock. Jones Trading initiated coverage on ArriVent BioPharma in a research note on Tuesday, May 20th. They set a “buy” rating and a $40.00 target price for the company. Guggenheim assumed coverage on ArriVent BioPharma in a report on Monday, March 10th. They issued a “buy” rating and a $45.00 target price on the stock. Wall Street Zen lowered ArriVent BioPharma from a “hold” rating to a “strong sell” rating in a report on Thursday, May 22nd. Finally, HC Wainwright increased their price objective on ArriVent BioPharma from $39.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday, May 14th. One equities research analyst has rated the stock with a sell rating, six have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $39.29.

ArriVent BioPharma Stock Up 3.3%

The firm has a market capitalization of $802.98 million, a price-to-earnings ratio of -6.23 and a beta of 1.26. The business has a 50-day moving average of $19.62 and a two-hundred day moving average of $23.50.

ArriVent BioPharma (NASDAQ:AVBP) last announced its quarterly earnings data on Monday, May 12th. The company reported ($1.90) earnings per share for the quarter, missing the consensus estimate of ($0.66) by ($1.24). Equities analysts predict that ArriVent BioPharma, Inc. will post -2.74 EPS for the current fiscal year.

Institutional Investors Weigh In On ArriVent BioPharma

A number of institutional investors have recently bought and sold shares of the business. Woodline Partners LP lifted its holdings in shares of ArriVent BioPharma by 0.4% during the 1st quarter. Woodline Partners LP now owns 146,373 shares of the company’s stock worth $2,706,000 after acquiring an additional 576 shares during the period. MetLife Investment Management LLC raised its position in ArriVent BioPharma by 6.8% in the fourth quarter. MetLife Investment Management LLC now owns 17,460 shares of the company’s stock worth $465,000 after purchasing an additional 1,110 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new position in ArriVent BioPharma in the fourth quarter worth about $31,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in ArriVent BioPharma by 8.4% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,114 shares of the company’s stock worth $456,000 after purchasing an additional 1,327 shares during the period. Finally, Tower Research Capital LLC TRC boosted its holdings in ArriVent BioPharma by 773.8% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,599 shares of the company’s stock valued at $43,000 after purchasing an additional 1,416 shares in the last quarter. Institutional investors and hedge funds 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.