ArriVent BioPharma (NASDAQ:AVBP) Issues Quarterly Earnings Results

ArriVent BioPharma (NASDAQ:AVBP) posted its earnings results on Monday. The company reported ($0.83) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.78) by ($0.05), Zacks reports.

ArriVent BioPharma Price Performance

Shares of ArriVent BioPharma stock traded up $0.15 during trading on Tuesday, hitting $18.75. The stock had a trading volume of 53,975 shares, compared to its average volume of 275,986. The business has a fifty day moving average of $19.06 and a two-hundred day moving average of $20.28. ArriVent BioPharma has a fifty-two week low of $15.47 and a fifty-two week high of $34.35. The firm has a market cap of $760.47 million, a P/E ratio of -4.66 and a beta of 1.11.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $42.00 price objective (up previously from $40.00) on shares of ArriVent BioPharma in a report on Tuesday, August 12th. Zacks Research lowered shares of ArriVent BioPharma from a “hold” rating to a “strong sell” rating in a research note on Monday, October 13th. Citigroup reaffirmed a “buy” rating and set a $33.00 price target (down previously from $40.00) on shares of ArriVent BioPharma in a report on Tuesday, August 12th. B. Riley raised ArriVent BioPharma to a “strong-buy” rating in a report on Monday, August 25th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ArriVent BioPharma in a research note on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $39.14.

Institutional Investors Weigh In On ArriVent BioPharma

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. boosted its stake in ArriVent BioPharma by 36.8% in the third quarter. Vanguard Group Inc. now owns 2,029,531 shares of the company’s stock worth $37,445,000 after purchasing an additional 545,991 shares in the last quarter. Squarepoint Ops LLC grew its holdings in ArriVent BioPharma by 1,009.1% during the 2nd quarter. Squarepoint Ops LLC now owns 204,355 shares of the company’s stock worth $4,449,000 after acquiring an additional 185,929 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in ArriVent BioPharma in the 1st quarter valued at about $266,000. Jane Street Group LLC acquired a new stake in ArriVent BioPharma in the 1st quarter valued at about $189,000. Finally, Brevan Howard Capital Management LP bought a new position in shares of ArriVent BioPharma in the second quarter worth about $209,000. 9.48% of the stock is owned by institutional investors and hedge funds.

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.