ArriVent BioPharma (NASDAQ:AVBP) Shares Up 5.9% – Here’s Why

Shares of ArriVent BioPharma, Inc. (NASDAQ:AVBP) were up 5.9% on Tuesday . The stock traded as high as $29.74 and last traded at $29.9340. 84,613 shares were traded during trading, a decline of 83% from the average daily volume of 509,609 shares. The stock had previously closed at $28.26.

Analyst Ratings Changes

A number of equities analysts have commented on the company. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of ArriVent BioPharma in a research note on Friday, May 22nd. Truist Financial increased their price objective on ArriVent BioPharma from $43.00 to $45.00 and gave the company a “buy” rating in a research note on Friday, May 29th. HC Wainwright raised their target price on shares of ArriVent BioPharma from $44.00 to $47.00 and gave the stock a “buy” rating in a report on Monday, August 17th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ArriVent BioPharma in a research note on Friday, July 17th. Finally, BTIG Research reaffirmed a “buy” rating and issued a $42.00 target price on shares of ArriVent BioPharma in a research note on Thursday, August 13th. Eight equities research 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 data from MarketBeat, ArriVent BioPharma presently has an average rating of “Moderate Buy” and a consensus price target of $44.86.

ArriVent BioPharma Trading Up 7.8%

The company has a market cap of $1.50 billion, a PE ratio of -8.41 and a beta of 1.36. The stock has a 50 day moving average price of $31.65 and a 200 day moving average price of $28.13.

ArriVent BioPharma (NASDAQ:AVBP) last announced its earnings results on Wednesday, August 12th. The company reported ($1.05) EPS for the quarter, missing analysts’ consensus estimates of ($0.99) by ($0.06). Equities analysts expect that ArriVent BioPharma, Inc. will post -4.01 EPS for the current fiscal year.

Hedge Funds Weigh In On ArriVent BioPharma

Hedge funds have recently bought and sold shares of the company. Russell Investments Group Ltd. lifted its stake in shares of ArriVent BioPharma by 9,747.6% in the third quarter. Russell Investments Group Ltd. now owns 2,068 shares of the company’s stock worth $38,000 after buying an additional 2,047 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in ArriVent BioPharma by 27.9% in 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 period. BNP Paribas Financial Markets raised its stake 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 during the last quarter. Group One Trading LLC purchased a new stake in ArriVent BioPharma during the 4th quarter valued at $57,000. Finally, Quantbot Technologies LP bought a new position in shares of ArriVent BioPharma during the 2nd quarter valued at $59,000. Institutional investors own 9.48% of the company’s stock.

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.