ArriVent BioPharma (NASDAQ:AVBP) Hits New 12-Month High – Here’s What Happened

ArriVent BioPharma, Inc. (NASDAQ:AVBP) shares hit a new 52-week high during trading on Wednesday . The stock traded as high as $26.23 and last traded at $25.81, with a volume of 140592 shares traded. The stock had previously closed at $23.94.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on AVBP. Cantor Fitzgerald initiated coverage on ArriVent BioPharma in a report on Monday, December 22nd. They issued an “overweight” rating on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of ArriVent BioPharma in a research note on Wednesday, January 21st. Truist Financial assumed coverage on shares of ArriVent BioPharma in a research note on Tuesday, November 25th. They set a “buy” rating and a $43.00 price objective for the company. BTIG Research started coverage on shares of ArriVent BioPharma in a research note on Wednesday, December 10th. They issued a “buy” rating and a $45.00 target price on the stock. Finally, Zacks Research upgraded ArriVent BioPharma from a “strong sell” rating to a “hold” rating in a research report on Friday, December 5th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $40.00.

ArriVent BioPharma Stock Up 11.8%

The company has a market cap of $1.11 billion, a price-to-earnings ratio of -6.31 and a beta of 0.99. The stock’s 50-day simple moving average is $22.00 and its 200 day simple moving average is $20.82.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of 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 valued at $40,000 after buying an additional 438 shares during the period. Wellington Management Group LLP increased its stake in ArriVent BioPharma by 0.7% during the fourth quarter. Wellington Management Group LLP now owns 82,278 shares of the company’s stock worth $1,655,000 after purchasing an additional 532 shares during the period. Woodline Partners LP lifted its position in shares of ArriVent BioPharma by 0.4% during the first quarter. Woodline Partners LP now owns 146,373 shares of the company’s stock worth $2,706,000 after purchasing an additional 576 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of ArriVent BioPharma by 4.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 14,743 shares of the company’s stock worth $297,000 after acquiring an additional 585 shares during the period. Finally, BNP Paribas Financial Markets raised its stake in shares of ArriVent BioPharma by 31.0% in the second quarter. BNP Paribas Financial Markets now owns 2,571 shares of the company’s stock valued at $56,000 after acquiring an additional 609 shares in the last quarter. 9.48% of the stock is currently owned by hedge funds and other institutional investors.

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.