ArriVent BioPharma (NASDAQ:AVBP) Upgraded at Truist Financial

ArriVent BioPharma (NASDAQ:AVBP) was upgraded by research analysts at Truist Financial to a “strong-buy” rating in a note issued to investors on Monday,Zacks.com reports.

Several other equities analysts have also recently issued reports on the company. B. Riley Financial boosted their price objective on ArriVent BioPharma from $37.00 to $45.00 and gave the company a “buy” rating in a report on Monday, March 23rd. Oppenheimer restated an “outperform” rating and issued a $50.00 price target (up from $44.00) on shares of ArriVent BioPharma in a research note on Friday, March 6th. Citigroup lifted their price target on ArriVent BioPharma from $33.00 to $45.00 and gave the company a “buy” rating in a research note on Friday, April 24th. HC Wainwright lifted their price target on ArriVent BioPharma from $42.00 to $44.00 and gave the company a “buy” rating in a research note on Friday, March 6th. Finally, BTIG Research initiated coverage on ArriVent BioPharma in a research note on Thursday, March 12th. They issued a “buy” rating and a $42.00 price target for the company. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $43.00.

ArriVent BioPharma Stock Up 1.3%

Shares of AVBP stock opened at $30.38 on Monday. The stock has a market cap of $1.41 billion, a PE ratio of -6.89 and a beta of 1.51. The business has a 50-day simple moving average of $25.52 and a 200-day simple moving average of $22.81. ArriVent BioPharma has a 52-week low of $16.10 and a 52-week high of $32.14.

ArriVent BioPharma (NASDAQ:AVBP) last issued its quarterly earnings data on Thursday, March 5th. The company reported ($0.78) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.87) by $0.09. Sell-side analysts anticipate that ArriVent BioPharma will post -3.6 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ArriVent BioPharma

Several institutional investors and hedge funds have recently modified their holdings of the business. Mirae Asset Global Investments Co. Ltd. increased its stake in ArriVent BioPharma by 27.9% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,006 shares of the company’s stock worth $40,000 after buying an additional 438 shares in the last quarter. Wellington Management Group LLP increased its stake in ArriVent BioPharma by 0.7% during the 4th quarter. Wellington Management Group LLP now owns 82,278 shares of the company’s stock worth $1,655,000 after buying an additional 532 shares in the last quarter. Woodline Partners LP increased its stake in ArriVent BioPharma by 0.4% during the 1st quarter. Woodline Partners LP now owns 146,373 shares of the company’s stock worth $2,706,000 after buying an additional 576 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in ArriVent BioPharma by 4.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 14,743 shares of the company’s stock worth $297,000 after buying an additional 585 shares in the last quarter. Finally, BNP Paribas Financial Markets increased its stake in ArriVent BioPharma by 31.0% during the 2nd quarter. BNP Paribas Financial Markets now owns 2,571 shares of the company’s stock worth $56,000 after buying an additional 609 shares in the last quarter. Hedge funds and other institutional investors own 9.48% of the company’s stock.

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.