ArriVent BioPharma (NASDAQ:AVBP) Stock Price Down 7.4% – Should You Sell?

ArriVent BioPharma, Inc. (NASDAQ:AVBP) shares dropped 7.4% during mid-day trading on Monday . The company traded as low as $19.20 and last traded at $19.2540. Approximately 244,013 shares were traded during mid-day trading, a decline of 16% from the average daily volume of 291,637 shares. The stock had previously closed at $20.80.

Wall Street Analysts Forecast Growth

AVBP has been the subject of a number of recent analyst reports. Citigroup decreased their price target on shares of ArriVent BioPharma from $33.00 to $31.00 and set a “buy” rating for the company in a research report on Tuesday, November 11th. Cantor Fitzgerald began coverage on shares of ArriVent BioPharma in a research note on Monday, December 22nd. They set an “overweight” rating on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of ArriVent BioPharma in a research report on Wednesday, October 8th. Truist Financial initiated coverage on shares of ArriVent BioPharma in a research note on Tuesday, November 25th. They issued a “buy” rating and a $43.00 target price on the stock. Finally, BTIG Research started coverage on ArriVent BioPharma in a research note on Wednesday, December 10th. They issued a “buy” rating and a $45.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $40.00.

ArriVent BioPharma Trading Up 3.8%

The firm has a market cap of $810.74 million, a price-to-earnings ratio of -4.63 and a beta of 1.03. The stock has a 50-day moving average of $21.26 and a 200-day moving average of $20.34.

ArriVent BioPharma (NASDAQ:AVBP) last issued its earnings results on Monday, November 10th. The company reported ($0.83) earnings per share for the quarter, missing the consensus estimate of ($0.78) by ($0.05). As a group, research analysts expect that ArriVent BioPharma, Inc. will post -2.74 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in shares of ArriVent BioPharma by 36.8% in the third quarter. Vanguard Group Inc. now owns 2,029,531 shares of the company’s stock valued at $37,445,000 after purchasing an additional 545,991 shares during the period. Fund 1 Investments LLC bought a new position in ArriVent BioPharma in the 2nd quarter worth approximately $11,503,000. UBS Group AG increased its position in 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 acquiring an additional 411,013 shares during the period. Suvretta Capital Management LLC raised its stake in ArriVent BioPharma by 8.5% during the 3rd quarter. Suvretta Capital Management LLC now owns 3,703,452 shares of the company’s stock valued at $68,329,000 after acquiring an additional 290,664 shares in the last quarter. Finally, Franklin Resources Inc. bought a new stake in ArriVent BioPharma during the 3rd quarter valued at $4,731,000. 9.48% of the stock is owned by institutional investors and hedge funds.

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.