ArriVent BioPharma (NASDAQ:AVBP) Shares Down 5.9% – Here’s What Happened

Shares of ArriVent BioPharma, Inc. (NASDAQ:AVBP) dropped 5.9% during mid-day trading on Monday . The company traded as low as $31.62 and last traded at $31.2480. Approximately 158,693 shares were traded during trading, a decline of 70% from the average daily volume of 520,725 shares. The stock had previously closed at $33.19.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on AVBP. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of ArriVent BioPharma in a research note on Friday, May 22nd. Weiss Ratings restated a “sell (d-)” rating on shares of ArriVent BioPharma in a research report on Friday. Citigroup cut their price target on ArriVent BioPharma from $45.00 to $43.00 and set a “buy” rating for the company in a research note on Wednesday, May 13th. Truist Financial boosted their price objective on shares of ArriVent BioPharma from $43.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, May 29th. Finally, B. Riley Financial increased their price objective on shares of ArriVent BioPharma from $37.00 to $45.00 and gave the company a “buy” rating in a research note on Monday, March 23rd. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, ArriVent BioPharma has a consensus rating of “Moderate Buy” and a consensus target price of $44.83.

ArriVent BioPharma Price Performance

The firm has a 50-day simple moving average of $31.04 and a two-hundred day simple moving average of $26.57. The company has a market cap of $1.41 billion, a PE ratio of -8.72 and a beta of 1.29.

ArriVent BioPharma (NASDAQ:AVBP) last issued its quarterly earnings data on Monday, May 11th. The company reported ($0.96) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.88) by ($0.08). Equities research analysts forecast that ArriVent BioPharma, Inc. will post -3.9 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of ArriVent BioPharma by 27.9% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,006 shares of the company’s stock worth $40,000 after purchasing an additional 438 shares during the last quarter. Russell Investments Group Ltd. lifted its stake in shares of ArriVent BioPharma by 9,747.6% during the third quarter. Russell Investments Group Ltd. now owns 2,068 shares of the company’s stock valued at $38,000 after buying an additional 2,047 shares during the period. BNP Paribas Financial Markets boosted its position in ArriVent BioPharma by 31.0% during the second quarter. BNP Paribas Financial Markets now owns 2,571 shares of the company’s stock worth $56,000 after acquiring an additional 609 shares during the last quarter. Group One Trading LLC acquired a new stake in ArriVent BioPharma during the fourth quarter worth approximately $57,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in ArriVent BioPharma by 696.6% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,258 shares of the company’s stock worth $60,000 after acquiring an additional 2,849 shares during the last quarter. 9.48% of the stock is currently 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.