ArriVent BioPharma (NASDAQ:AVBP) Shares Up 4.8% – Here’s What Happened

ArriVent BioPharma, Inc. (NASDAQ:AVBP)’s share price was up 4.8% during trading on Monday. The company traded as high as $17.30 and last traded at $17.4670. 28,683 shares changed hands during mid-day trading, a decline of 96% from the average session volume of 674,928 shares. The stock had previously closed at $16.66.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. Citigroup cut their price objective on ArriVent BioPharma from $40.00 to $20.00 and set a “buy” rating for the company in a research report on Wednesday, October 7th. JonesTrading cut their target price on ArriVent BioPharma from $45.00 to $22.00 and set a “buy” rating for the company in a research note on Wednesday, October 7th. BTIG Research reaffirmed a “buy” rating and issued a $29.00 target price on shares of ArriVent BioPharma in a research report on Friday. Jefferies Financial Group set a $18.00 price target on shares of ArriVent BioPharma in a research note on Tuesday, October 6th. Finally, Guggenheim lowered their price target on shares of ArriVent BioPharma from $45.00 to $18.00 and set a “buy” rating on the stock in a report on Wednesday, October 7th. Nine equities research 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 data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $27.44.

ArriVent BioPharma Stock Up 4.9%

The stock has a market cap of $861.46 million, a price-to-earnings ratio of -4.82 and a beta of 1.34. The company’s 50-day moving average is $27.34 and its 200-day moving average is $29.12.

ArriVent BioPharma (NASDAQ:AVBP) last released its quarterly earnings data on Wednesday, August 12th. The company reported ($1.05) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.99) by ($0.06). On average, research analysts forecast that ArriVent BioPharma, Inc. will post -4.05 earnings per share for the current year.

Hedge Funds Weigh In On ArriVent BioPharma

Hedge funds and other institutional investors have recently modified their holdings of the stock. Quantbot Technologies LP bought a new stake in ArriVent BioPharma in the second quarter valued at $59,000. Jupiter Topco LLC bought a new position in shares of ArriVent BioPharma during the second quarter valued at $226,000. Arizona State Retirement System bought a new position in shares of ArriVent BioPharma during the second quarter valued at $233,000. Glenmede Trust Co. NA acquired a new stake in shares of ArriVent BioPharma in the 1st quarter valued at $209,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in shares of ArriVent BioPharma in the 1st quarter valued at $209,000. Institutional investors own 9.48% of the company’s stock.

ArriVent BioPharma Company Profile

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.