ArriVent BioPharma (NASDAQ:AVBP) Shares Up 5.9% – Still a Buy?

ArriVent BioPharma, Inc. (NASDAQ:AVBP) traded up 5.9% on Tuesday . The company traded as high as $29.74 and last traded at $29.9340. Approximately 84,613 shares traded hands during trading, a decline of 83% from the average daily volume of 509,609 shares. The stock had previously closed at $28.26.

Analyst Ratings Changes

AVBP has been the subject of a number of research reports. HC Wainwright upped their price objective on ArriVent BioPharma from $44.00 to $47.00 and gave the stock a “buy” rating in a report on Monday, August 17th. Truist Financial boosted their target price on ArriVent BioPharma from $43.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, May 29th. Citigroup cut their target price on ArriVent BioPharma from $43.00 to $40.00 and set a “buy” rating for the company in a research note on Thursday, August 13th. Weiss Ratings reissued a “sell (d-)” rating on shares of ArriVent BioPharma in a research note on Friday, July 17th. Finally, BTIG Research restated a “buy” rating and issued a $42.00 price objective on shares of ArriVent BioPharma in a report on Thursday, August 13th. Eight equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $44.86.

ArriVent BioPharma Stock Performance

The company has a market cap of $1.54 billion, a P/E ratio of -8.60 and a beta of 1.36. The business has a 50 day moving average price of $31.66 and a two-hundred day moving average price of $28.27.

ArriVent BioPharma (NASDAQ:AVBP) last posted its quarterly earnings results on Wednesday, August 12th. The company reported ($1.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.99) by ($0.06). As a group, research analysts expect that ArriVent BioPharma, Inc. will post -4.01 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in AVBP. Tema ETFs LLC bought a new position in ArriVent BioPharma during the 2nd quarter valued at approximately $1,981,000. Dimensional Fund Advisors LP raised its holdings in shares of ArriVent BioPharma by 758.2% during the first quarter. Dimensional Fund Advisors LP now owns 126,525 shares of the company’s stock valued at $2,918,000 after acquiring an additional 111,782 shares in the last quarter. Vivo Capital LLC purchased a new stake in ArriVent BioPharma in the first quarter worth $20,438,000. Seven Fleet Capital Management LP purchased a new stake in ArriVent BioPharma in the first quarter worth $1,159,000. Finally, Affinity Asset Advisors LLC boosted its holdings in ArriVent BioPharma by 16.7% in the first quarter. Affinity Asset Advisors LLC now owns 175,000 shares of the company’s stock valued at $4,037,000 after acquiring an additional 25,000 shares in the last quarter. 9.48% of the stock is owned by hedge funds and other 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. 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.