ArriVent BioPharma (NASDAQ:AVBP) Stock Gets Price Target Reduction from Citigroup

ArriVent BioPharma (NASDAQ:AVBP) had its price target lowered by Citigroup from $40.00 to $20.00 in a report released on Wednesday morning,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other equities research analysts have also recently issued reports on AVBP. Weiss Ratings reiterated a “sell (d-)” rating on shares of ArriVent BioPharma in a research note on Friday, July 17th. Jefferies Financial Group set a $18.00 target price on shares of ArriVent BioPharma in a research note on Tuesday. BTIG Research lowered their target price on shares of ArriVent BioPharma from $42.00 to $29.00 and set a “buy” rating on the stock in a report on Wednesday. HC Wainwright boosted 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. Finally, Guggenheim dropped their price target on shares of ArriVent BioPharma from $45.00 to $18.00 and set a “buy” rating on the stock in a research report on Wednesday. Nine investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, ArriVent BioPharma has an average rating of “Moderate Buy” and an average target price of $27.44.

ArriVent BioPharma Stock Performance

NASDAQ:AVBP opened at $16.73 on Wednesday. The stock’s 50-day simple moving average is $28.76 and its 200 day simple moving average is $29.26. The company has a market cap of $824.92 million, a P/E ratio of -4.62 and a beta of 1.34. 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) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.99) by ($0.06). As a group, equities analysts predict that ArriVent BioPharma will post -4.11 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in AVBP. Quantbot Technologies LP acquired a new position in shares of ArriVent BioPharma in the second quarter valued at $59,000. Jupiter Topco LLC bought a new position in shares of ArriVent BioPharma in the second quarter valued at about $226,000. Arizona State Retirement System acquired a new stake in shares of ArriVent BioPharma during the 2nd quarter worth about $233,000. Glenmede Trust Co. NA acquired a new stake in shares of ArriVent BioPharma during the 1st quarter worth about $209,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in shares of ArriVent BioPharma during the 1st quarter worth about $209,000. 9.48% of the stock is owned by institutional investors and hedge funds.

About ArriVent BioPharma

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.