ArriVent BioPharma (NASDAQ:AVBP) Shares Climb 4.8% – Still a Buy?

ArriVent BioPharma, Inc. (NASDAQ:AVBP)’s stock price was up 4.8% during mid-day trading on Monday. The stock traded as high as $17.30 and last traded at $17.4670. Approximately 28,683 shares changed hands during 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

AVBP has been the topic of a number of research analyst reports. Truist Financial decreased their target price on ArriVent BioPharma from $45.00 to $18.00 and set a “buy” rating on the stock in a research note on Tuesday, October 6th. Guggenheim lowered their price target on ArriVent BioPharma from $45.00 to $18.00 and set a “buy” rating on the stock in a report on Wednesday, October 7th. BTIG Research reiterated a “buy” rating and set a $29.00 price target on shares of ArriVent BioPharma in a research report on Friday, October 16th. B. Riley Financial dropped their price target on ArriVent BioPharma from $45.00 to $29.00 and set a “buy” rating for the company in a research report on Tuesday. Finally, Wall Street Zen raised ArriVent BioPharma from a “strong sell” rating to a “sell” rating in a report on Sunday. Nine analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $25.67.

ArriVent BioPharma Price Performance

The stock has a market cap of $929.49 million, a PE ratio of -5.21 and a beta of 1.34. The business has a 50 day moving average price of $26.82 and a two-hundred day moving average price of $29.05.

ArriVent BioPharma (NASDAQ:AVBP) last released its quarterly earnings results on Wednesday, August 12th. The company reported ($1.05) EPS for the quarter, missing analysts’ consensus estimates of ($0.99) by ($0.06). On average, sell-side analysts forecast that ArriVent BioPharma, Inc. will post -4.08 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ArriVent BioPharma

Several large investors have recently modified their holdings of the stock. Tema ETFs LLC bought a new stake in ArriVent BioPharma during the 2nd quarter valued at about $1,981,000. Deutsche Bank AG purchased a new position in shares of ArriVent BioPharma during the second quarter worth approximately $1,361,000. Dimensional Fund Advisors LP raised its stake in shares of ArriVent BioPharma by 758.2% during the first quarter. Dimensional Fund Advisors LP now owns 126,525 shares of the company’s stock valued at $2,918,000 after acquiring an additional 111,782 shares in the last quarter. E Fund Management Co. Ltd. bought a new stake in shares of ArriVent BioPharma during the second quarter valued at approximately $3,798,000. Finally, Bank of America Corp DE bought a new position in ArriVent BioPharma in the second quarter worth approximately $6,075,000. Hedge funds and other 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 oncology therapies for patients with genetically defined cancers. The company’s primary focus is on targeted treatments for non-small cell lung cancer (NSCLC), particularly tumors driven by mutations in the epidermal growth factor receptor (EGFR) gene.

ArriVent’s lead product candidate is furmonertinib, an oral, irreversible EGFR tyrosine kinase inhibitor designed to target a range of EGFR mutations, including common mutations and exon 20 insertion mutations.