ArriVent BioPharma (NASDAQ:AVBP) Given New $43.00 Price Target at Citigroup

ArriVent BioPharma (NASDAQ:AVBP) had its price target lowered by equities research analysts at Citigroup from $45.00 to $43.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Citigroup’s price objective indicates a potential upside of 49.12% from the stock’s current price.

Several other research analysts have also weighed in on the company. HC Wainwright increased their target price on ArriVent BioPharma from $42.00 to $44.00 and gave the stock a “buy” rating in a research report on Friday, March 6th. BTIG Research assumed coverage on ArriVent BioPharma in a research report on Thursday, March 12th. They issued a “buy” rating and a $42.00 target price on the stock. Truist Financial raised ArriVent BioPharma to a “strong-buy” rating in a research report on Monday, May 4th. Oppenheimer reissued an “outperform” rating and issued a $50.00 price objective (up from $44.00) on shares of ArriVent BioPharma in a research report on Friday, March 6th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ArriVent BioPharma in a research report on Monday, April 20th. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $42.78.

ArriVent BioPharma Stock Performance

Shares of AVBP traded down $0.14 during trading hours on Wednesday, hitting $28.84. The stock had a trading volume of 138,269 shares, compared to its average volume of 486,492. The firm has a market cap of $1.34 billion, a P/E ratio of -8.33 and a beta of 1.51. The company’s fifty day simple moving average is $26.25 and its 200 day simple moving average is $23.22. ArriVent BioPharma has a 12-month low of $16.10 and a 12-month high of $32.14.

ArriVent BioPharma (NASDAQ:AVBP) last issued its earnings results on Monday, May 11th. The company reported ($0.96) earnings per share for the quarter, missing the consensus estimate of ($0.88) by ($0.08). As a group, sell-side analysts predict that ArriVent BioPharma will post -3.6 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ArriVent BioPharma

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Infinitum Asset Management LLC lifted its position in ArriVent BioPharma by 6.6% during the 4th quarter. Infinitum Asset Management LLC now owns 4,123,923 shares of the company’s stock worth $82,973,000 after acquiring an additional 255,000 shares in the last quarter. Suvretta Capital Management LLC lifted its position in 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 acquiring an additional 402,583 shares in the last quarter. Vanguard Group Inc. increased its position in shares of ArriVent BioPharma by 36.8% during the third quarter. Vanguard Group Inc. now owns 2,029,531 shares of the company’s stock worth $37,445,000 after acquiring an additional 545,991 shares during the last quarter. State Street Corp increased its position in shares of ArriVent BioPharma by 6.3% during the fourth quarter. State Street Corp now owns 1,091,980 shares of the company’s stock worth $21,971,000 after acquiring an additional 64,352 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in shares of ArriVent BioPharma by 5.2% during the fourth quarter. Geode Capital Management LLC now owns 753,519 shares of the company’s stock worth $15,164,000 after acquiring an additional 37,231 shares during the last quarter. 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.