ArriVent BioPharma (NASDAQ:AVBP) Trading 6.8% Higher – Here’s What Happened

Shares of ArriVent BioPharma, Inc. (NASDAQ:AVBP) shot up 6.8% during mid-day trading on Wednesday . The stock traded as high as $29.91 and last traded at $30.19. 177,204 shares were traded during mid-day trading, a decline of 66% from the average daily volume of 524,598 shares. The stock had previously closed at $28.26.

Analysts Set New Price Targets

Several analysts recently commented on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ArriVent BioPharma in a report on Friday. Cantor Fitzgerald reissued an “overweight” rating on shares of ArriVent BioPharma in a report on Friday, May 22nd. Citigroup lowered their price objective on ArriVent BioPharma from $45.00 to $43.00 and set a “buy” rating on the stock in a research report on Wednesday, May 13th. Finally, Truist Financial raised their price objective on shares of ArriVent BioPharma from $43.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, May 29th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $44.83.

ArriVent BioPharma Price Performance

The firm has a fifty day simple moving average of $31.01 and a 200 day simple moving average of $26.68. The company has a market capitalization of $1.41 billion, a price-to-earnings ratio of -8.70 and a beta of 1.29.

ArriVent BioPharma (NASDAQ:AVBP) last announced 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). Research analysts predict that ArriVent BioPharma, Inc. will post -3.9 EPS for the current year.

Hedge Funds Weigh In On ArriVent BioPharma

A number of large investors have recently added to or reduced their stakes in the stock. Dynamic Technology Lab Private Ltd purchased a new position in ArriVent BioPharma during the first quarter valued at $266,000. Woodline Partners LP increased its stake 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. Jane Street Group LLC acquired a new position in shares of ArriVent BioPharma during the 1st quarter worth about $189,000. Legal & General Group Plc raised its position in shares of ArriVent BioPharma by 8.8% during the 2nd quarter. Legal & General Group Plc now owns 14,790 shares of the company’s stock worth $322,000 after purchasing an additional 1,197 shares during the last quarter. Finally, Walleye Capital LLC acquired a new position in shares of ArriVent BioPharma during the 2nd quarter worth about $206,000. 9.48% of the stock is currently 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. 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.