ArriVent BioPharma’s (AVBP) “Buy” Rating Reiterated at BTIG Research

ArriVent BioPharma (NASDAQ:AVBP)‘s stock had its “buy” rating restated by research analysts at BTIG Research in a report issued on Friday, Benzinga reports. They presently have a $29.00 price objective on the stock. BTIG Research’s target price indicates a potential upside of 74.07% from the company’s previous close.

AVBP has been the topic of several other research reports. JonesTrading dropped their price target on ArriVent BioPharma from $45.00 to $22.00 and set a “buy” rating on the stock in a research report on Wednesday, October 7th. Cantor Fitzgerald restated an “overweight” rating on shares of ArriVent BioPharma in a research report on Tuesday, September 22nd. Wall Street Zen lowered ArriVent BioPharma from a “sell” rating to a “strong sell” rating in a report on Saturday, October 10th. Guggenheim lowered their price objective on ArriVent BioPharma from $45.00 to $18.00 and set a “buy” rating on the stock in a report on Wednesday, October 7th. Finally, Citigroup lowered their price objective on ArriVent BioPharma from $40.00 to $20.00 and set a “buy” rating on the stock in a report on Wednesday, October 7th. Nine analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $27.44.

ArriVent BioPharma Price Performance

Shares of AVBP stock opened at $16.66 on Friday. The stock has a market capitalization of $821.47 million, a PE ratio of -4.60 and a beta of 1.34. ArriVent BioPharma has a 52-week low of $11.36 and a 52-week high of $35.83. The stock’s 50-day moving average price is $27.34 and its 200 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 (EPS) for the quarter, missing the consensus estimate of ($0.99) by ($0.06). Analysts expect that ArriVent BioPharma will post -4.05 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ArriVent BioPharma

Several institutional investors have recently modified their holdings of AVBP. Hhlr Advisors LTD. purchased a new stake in shares of ArriVent BioPharma during the 2nd quarter worth approximately $136,498,000. BlackRock Inc. purchased a new stake in shares of ArriVent BioPharma during the 2nd quarter worth approximately $112,919,000. General Catalyst Group Management LLC purchased a new stake in shares of ArriVent BioPharma during the 2nd quarter worth approximately $51,929,000. Vivo Capital LLC purchased a new stake in shares of ArriVent BioPharma during the 1st quarter worth approximately $20,438,000. Finally, Seven Fleet Capital Management LP boosted its stake in shares of ArriVent BioPharma by 390.7% during the 2nd quarter. Seven Fleet Capital Management LP now owns 246,606 shares of the company’s stock worth $8,567,000 after acquiring an additional 196,354 shares in the last quarter. Hedge funds and other institutional investors 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.