ArriVent BioPharma (NASDAQ:AVBP) Issues Earnings Results

ArriVent BioPharma (NASDAQ:AVBP) announced its quarterly earnings results on Wednesday. The company reported ($1.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.99) by ($0.06), FiscalAI reports.

ArriVent BioPharma Stock Down 4.6%

Shares of ArriVent BioPharma stock opened at $30.00 on Friday. The firm has a market cap of $1.40 billion, a price-to-earnings ratio of -8.29 and a beta of 1.36. The business has a 50-day moving average price of $31.80 and a 200-day moving average price of $27.81. ArriVent BioPharma has a twelve month low of $17.00 and a twelve month high of $35.83.

Hedge Funds Weigh In On ArriVent BioPharma

Several institutional investors have recently bought and sold shares of the business. Russell Investments Group Ltd. lifted its holdings in shares of ArriVent BioPharma by 9,747.6% in the 3rd quarter. Russell Investments Group Ltd. now owns 2,068 shares of the company’s stock valued at $38,000 after acquiring an additional 2,047 shares during the last quarter. BNP Paribas Financial Markets lifted its holdings in ArriVent BioPharma by 31.0% during the 2nd quarter. BNP Paribas Financial Markets now owns 2,571 shares of the company’s stock valued at $56,000 after buying an additional 609 shares in the last quarter. Group One Trading LLC bought a new stake in ArriVent BioPharma during the 4th quarter valued at about $57,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in ArriVent BioPharma by 696.6% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,258 shares of the company’s stock valued at $60,000 after buying an additional 2,849 shares during the period. Finally, Tower Research Capital LLC TRC boosted its position in ArriVent BioPharma by 571.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 6,669 shares of the company’s stock valued at $145,000 after buying an additional 5,676 shares during the period. Institutional investors own 9.48% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have commented on AVBP. BTIG Research reiterated a “buy” rating and set a $42.00 target price on shares of ArriVent BioPharma in a research note on Thursday. Guggenheim restated a “buy” rating and issued a $45.00 target price on shares of ArriVent BioPharma in a report on Thursday. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of ArriVent BioPharma in a report on Friday, May 22nd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ArriVent BioPharma in a report on Friday, July 17th. Finally, Citigroup decreased their price objective on ArriVent BioPharma from $43.00 to $40.00 and set a “buy” rating on the stock in a research note on Thursday. Eight equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $44.43.

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.