ArriVent BioPharma (NASDAQ:AVBP) Announces Earnings Results

ArriVent BioPharma (NASDAQ:AVBP) announced its earnings results on Monday. The company reported ($0.96) EPS for the quarter, missing analysts’ consensus estimates of ($0.88) by ($0.08), FiscalAI reports.

ArriVent BioPharma Price Performance

AVBP stock traded down $0.48 on Monday, hitting $29.02. 271,233 shares of the company were exchanged, compared to its average volume of 491,304. The stock has a market capitalization of $1.35 billion, a price-to-earnings ratio of -6.58 and a beta of 1.51. ArriVent BioPharma has a twelve month low of $16.10 and a twelve month high of $32.14. The business’s fifty day moving average is $25.89 and its two-hundred day moving average is $23.01.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in AVBP. Vanguard Group Inc. grew its position in ArriVent BioPharma by 36.8% during the third quarter. Vanguard Group Inc. now owns 2,029,531 shares of the company’s stock valued at $37,445,000 after acquiring an additional 545,991 shares during the period. UBS Group AG lifted its stake in shares of ArriVent BioPharma by 474.7% in the 3rd quarter. UBS Group AG now owns 497,601 shares of the company’s stock valued at $9,181,000 after purchasing an additional 411,013 shares in the last quarter. Suvretta Capital Management LLC grew its holdings in shares of ArriVent BioPharma by 10.9% during the 4th quarter. Suvretta Capital Management LLC now owns 4,106,035 shares of the company’s stock worth $82,613,000 after purchasing an additional 402,583 shares during the period. Goldman Sachs Group Inc. grew its holdings in shares of ArriVent BioPharma by 71.9% during the 4th quarter. Goldman Sachs Group Inc. now owns 742,526 shares of the company’s stock worth $14,940,000 after purchasing an additional 310,587 shares during the period. Finally, Franklin Resources Inc. acquired a new stake in ArriVent BioPharma during the 3rd quarter worth approximately $4,731,000. 9.48% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have issued reports on AVBP. B. Riley Financial raised their price target on shares of ArriVent BioPharma from $37.00 to $45.00 and gave the stock a “buy” rating in a research note on Monday, March 23rd. HC Wainwright raised their target price on shares of ArriVent BioPharma from $42.00 to $44.00 and gave the stock a “buy” rating in a research report on Friday, March 6th. Oppenheimer reaffirmed an “outperform” rating and issued a $50.00 target price (up from $44.00) on shares of ArriVent BioPharma in a research note on Friday, March 6th. Truist Financial upgraded ArriVent BioPharma to a “strong-buy” rating in a report on Monday, May 4th. Finally, BTIG Research started coverage on ArriVent BioPharma in a report on Thursday, March 12th. They set a “buy” rating and a $42.00 price objective on the stock. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $43.00.

ArriVent BioPharma Company Profile

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.