ArriVent BioPharma (NASDAQ:AVBP) Shares Down 6.4% – Here’s What Happened

ArriVent BioPharma, Inc. (NASDAQ:AVBP)’s stock price fell 6.4% during trading on Tuesday . The company traded as low as $20.91 and last traded at $21.08. 88,327 shares changed hands during mid-day trading, a decline of 68% from the average session volume of 276,939 shares. The stock had previously closed at $22.52.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. Zacks Research cut ArriVent BioPharma from a “hold” rating to a “strong sell” rating in a research report on Monday, October 13th. Truist Financial began coverage on ArriVent BioPharma in a report on Tuesday, November 25th. They issued a “buy” rating and a $43.00 price target for the company. HC Wainwright reaffirmed a “buy” rating and set a $42.00 price objective (up previously from $40.00) on shares of ArriVent BioPharma in a report on Tuesday, August 12th. B. Riley upgraded ArriVent BioPharma to a “strong-buy” rating in a research report on Monday, August 25th. Finally, Citigroup reduced their target price on ArriVent BioPharma from $33.00 to $31.00 and set a “buy” rating for the company in a report on Tuesday, November 11th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $39.38.

ArriVent BioPharma Trading Down 7.9%

The firm has a market cap of $856.17 million, a PE ratio of -4.88 and a beta of 0.93. The company has a 50 day moving average price of $19.69 and a 200 day moving average price of $20.37.

ArriVent BioPharma (NASDAQ:AVBP) last issued its quarterly earnings data on Monday, November 10th. The company reported ($0.83) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.78) by ($0.05). As a group, equities research analysts anticipate that ArriVent BioPharma, Inc. will post -2.74 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ArriVent BioPharma

A number of large investors have recently added to or reduced their stakes in AVBP. Vanguard Group Inc. increased its holdings in ArriVent BioPharma by 36.8% during the 3rd quarter. Vanguard Group Inc. now owns 2,029,531 shares of the company’s stock valued at $37,445,000 after acquiring an additional 545,991 shares in the last quarter. Fund 1 Investments LLC acquired a new stake in shares of ArriVent BioPharma in the second quarter valued at approximately $11,503,000. Infinitum Asset Management LLC grew its position in shares of ArriVent BioPharma by 25.7% in the first quarter. Infinitum Asset Management LLC now owns 2,066,238 shares of the company’s stock valued at $38,205,000 after purchasing an additional 422,315 shares during the last quarter. UBS Group AG increased its stake in shares of ArriVent BioPharma by 474.7% during the 3rd quarter. UBS Group AG now owns 497,601 shares of the company’s stock worth $9,181,000 after purchasing an additional 411,013 shares in the last quarter. Finally, Suvretta Capital Management LLC raised its position in shares of ArriVent BioPharma by 8.5% during the 3rd quarter. Suvretta Capital Management LLC now owns 3,703,452 shares of the company’s stock worth $68,329,000 after purchasing an additional 290,664 shares during the last quarter. 9.48% of the stock is owned by institutional investors and hedge funds.

ArriVent BioPharma Company 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.