ArriVent BioPharma (NASDAQ:AVBP) Upgraded to Strong-Buy at B. Riley

B. Riley upgraded shares of ArriVent BioPharma (NASDAQ:AVBP) to a strong-buy rating in a research note issued to investors on Monday,Zacks.com reports.

Several other equities research analysts have also issued reports on the stock. Oppenheimer reiterated an “outperform” rating and set a $44.00 target price (up from $39.00) on shares of ArriVent BioPharma in a research report on Tuesday, June 24th. The Goldman Sachs Group upgraded shares of ArriVent BioPharma to a “buy” rating and set a $33.00 price objective for the company in a report on Thursday, July 10th. Citigroup restated a “buy” rating and issued a $33.00 price objective (down from $40.00) on shares of ArriVent BioPharma in a report on Tuesday, August 12th. Jones Trading initiated coverage on shares of ArriVent BioPharma in a report on Tuesday, May 20th. They issued a “buy” rating and a $40.00 price objective for the company. Finally, HC Wainwright restated a “buy” rating and issued a $42.00 price objective (up from $40.00) on shares of ArriVent BioPharma in a report on Tuesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $39.14.

ArriVent BioPharma Price Performance

Shares of ArriVent BioPharma stock opened at $19.59 on Monday. ArriVent BioPharma has a 1 year low of $15.47 and a 1 year high of $36.37. The firm has a market cap of $794.77 million, a PE ratio of -4.87 and a beta of 1.17. The company has a 50 day simple moving average of $20.76 and a two-hundred day simple moving average of $21.07.

ArriVent BioPharma (NASDAQ:AVBP) last announced its earnings results on Monday, August 11th. The company reported ($0.90) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.70) by ($0.20). As a group, research analysts anticipate that ArriVent BioPharma will post -2.74 earnings per share for the current year.

Institutional Investors Weigh In On ArriVent BioPharma

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AVBP. Tower Research Capital LLC TRC raised its holdings in ArriVent BioPharma by 773.8% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,599 shares of the company’s stock valued at $43,000 after buying an additional 1,416 shares during the last quarter. BNP Paribas Financial Markets raised its holdings in ArriVent BioPharma by 31.0% during the 2nd quarter. BNP Paribas Financial Markets now owns 2,571 shares of the company’s stock valued at $56,000 after buying an additional 609 shares during the last quarter. Tower Research Capital LLC TRC raised its holdings in ArriVent BioPharma by 571.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 6,669 shares of the company’s stock valued at $145,000 after buying an additional 5,676 shares during the last quarter. Jane Street Group LLC bought a new stake in ArriVent BioPharma during the 1st quarter valued at $189,000. Finally, Walleye Capital LLC bought a new stake in ArriVent BioPharma during the 2nd quarter valued at $206,000. 9.48% of the stock is currently owned by institutional investors.

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.