ArriVent BioPharma (NASDAQ:AVBP) Stock Keeps “Buy” Rating at BTIG Research

ArriVent BioPharma (NASDAQ:AVBP)‘s stock had its “buy” rating reissued by analysts at BTIG Research in a note issued to investors on Friday, Benzinga reports. They currently have a $29.00 target price on the stock. BTIG Research’s price target points to a potential upside of 61.65% from the stock’s previous close.

A number of other research analysts also recently weighed in on the company. Guggenheim lowered their price target on ArriVent BioPharma from $45.00 to $18.00 and set a “buy” rating on the stock in a report on Wednesday, October 7th. Jefferies Financial Group set a $18.00 price target on ArriVent BioPharma in a report on Tuesday, October 6th. Weiss Ratings restated a “sell (d-)” rating on shares of ArriVent BioPharma in a research note on Thursday. JonesTrading lowered their target price on ArriVent BioPharma from $45.00 to $22.00 and set a “buy” rating on the stock in a research note on Wednesday, October 7th. Finally, Truist Financial lowered their target price on ArriVent BioPharma from $45.00 to $18.00 and set a “buy” rating on the stock in a research note on Tuesday, October 6th. Nine research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, ArriVent BioPharma has a consensus rating of “Moderate Buy” and a consensus target price of $27.44.

ArriVent BioPharma Stock Performance

Shares of AVBP stock traded up $1.28 on Friday, reaching $17.94. 1,013,199 shares of the company’s stock traded hands, compared to its average volume of 679,880. ArriVent BioPharma has a 12-month low of $11.36 and a 12-month high of $35.83. The company has a market capitalization of $884.59 million, a P/E ratio of -4.96 and a beta of 1.34. The business’s 50 day moving average price is $27.34 and its two-hundred day moving average price is $29.12.

ArriVent BioPharma (NASDAQ:AVBP) last issued its quarterly earnings results on Wednesday, August 12th. The company reported ($1.05) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.99) by ($0.06). Research analysts predict that ArriVent BioPharma will post -4.05 earnings per share for the current year.

Hedge Funds Weigh In On ArriVent BioPharma

A number of hedge funds have recently added to or reduced their stakes in the company. Montanova Capital LLC increased its holdings in ArriVent BioPharma by 2.6% in the second quarter. Montanova Capital LLC now owns 4,515,531 shares of the company’s stock worth $156,870,000 after buying an additional 114,448 shares during the last quarter. Hhlr Advisors LTD. acquired a new position in ArriVent BioPharma in the second quarter worth approximately $136,498,000. BlackRock Inc. acquired a new position in ArriVent BioPharma in the second quarter worth approximately $112,919,000. General Catalyst Group Management LLC acquired a new position in ArriVent BioPharma in the second quarter worth approximately $51,929,000. Finally, Vivo Capital LLC acquired a new position in ArriVent BioPharma in the first quarter worth approximately $20,438,000. Institutional investors and hedge funds own 9.48% of the company’s stock.

ArriVent BioPharma Company Profile

ArriVent BioPharma, Inc is a clinical-stage biopharmaceutical company focused on developing and commercializing precision medicines for patients with genetically defined cancers. The company seeks to identify promising therapies developed in other regions and advance them through clinical development and regulatory approval in the United States and other markets.

ArriVent’s lead product candidate is furmonertinib, an oral, irreversible epidermal growth factor receptor (EGFR) tyrosine kinase inhibitor designed to target specific EGFR mutations in non-small cell lung cancer, including EGFR exon 20 insertion mutations.