ArriVent BioPharma (NASDAQ:AVBP) Stock Rating Reaffirmed as Buy by BTIG Research

ArriVent BioPharma (NASDAQ:AVBP)‘s stock had its “buy” rating reissued by equities research analysts at BTIG Research in a research note issued on Friday, Benzinga reports. They presently have a $29.00 price objective on the stock. BTIG Research‘s price target would suggest a potential upside of 51.58% from the stock’s previous close.

Several other equities analysts have also recently commented on AVBP. Guggenheim reduced their target price on ArriVent BioPharma from $45.00 to $18.00 and set a “buy” rating for the company in a research note on Wednesday, October 7th. Jefferies Financial Group set a $18.00 target price on ArriVent BioPharma in a research note on Tuesday, October 6th. Truist Financial reduced their target price on ArriVent BioPharma from $45.00 to $18.00 and set a “buy” rating for the company in a research note on Tuesday, October 6th. Citigroup lowered their price target on ArriVent BioPharma from $40.00 to $20.00 and set a “buy” rating on the stock in a report on Wednesday, October 7th. Finally, HC Wainwright lowered their price target on ArriVent BioPharma from $47.00 to $27.00 and set a “buy” rating on the stock in a report on Thursday, October 8th. Nine analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $25.67.

ArriVent BioPharma Stock Up 1.5%

Shares of ArriVent BioPharma stock traded up $0.28 on Friday, hitting $19.13. 415,723 shares of the company’s stock traded hands, compared to its average volume of 679,032. The stock has a market cap of $943.40 million, a P/E ratio of -5.30 and a beta of 1.34. The firm’s 50-day moving average is $26.82 and its 200 day moving average is $29.05. ArriVent BioPharma has a 52-week low of $11.36 and a 52-week high of $35.83.

ArriVent BioPharma (NASDAQ:AVBP) last released its earnings results on Wednesday, August 12th. The company reported ($1.05) EPS for the quarter, missing the consensus estimate of ($0.99) by ($0.06). Equities research analysts forecast that ArriVent BioPharma will post -4.08 EPS for the current year.

Hedge Funds Weigh In On ArriVent BioPharma

A number of institutional investors and hedge funds have recently bought and sold shares of AVBP. Quantbot Technologies LP acquired a new position in ArriVent BioPharma in the second quarter worth $59,000. Glenmede Trust Co. NA acquired a new position in ArriVent BioPharma in the first quarter worth $209,000. The Manufacturers Life Insurance Company acquired a new position in ArriVent BioPharma in the first quarter worth $209,000. Jupiter Topco LLC acquired a new position in ArriVent BioPharma in the second quarter worth $226,000. Finally, Arizona State Retirement System acquired a new position in ArriVent BioPharma in the second quarter worth $233,000. Institutional investors and hedge funds own 9.48% of the company’s stock.

About ArriVent BioPharma

ArriVent BioPharma, Inc is a clinical-stage biopharmaceutical company focused on developing and commercializing precision oncology therapies for patients with genetically defined cancers. The company’s primary focus is on targeted treatments for non-small cell lung cancer (NSCLC), particularly tumors driven by mutations in the epidermal growth factor receptor (EGFR) gene.

ArriVent’s lead product candidate is furmonertinib, an oral, irreversible EGFR tyrosine kinase inhibitor designed to target a range of EGFR mutations, including common mutations and exon 20 insertion mutations.