ArriVent BioPharma (NASDAQ:AVBP) Shares Gap Down – Here’s What Happened

ArriVent BioPharma, Inc. (NASDAQ:AVBP)’s share price gapped down prior to trading on Monday. The stock had previously closed at $21.00, but opened at $18.14. ArriVent BioPharma shares last traded at $15.6320, with a volume of 498,649 shares traded.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on AVBP. Weiss Ratings reiterated a “sell (d-)” rating on shares of ArriVent BioPharma in a research report on Thursday, October 15th. JonesTrading decreased their price objective on ArriVent BioPharma from $45.00 to $22.00 and set a “buy” rating on the stock in a research note on Wednesday, October 7th. HC Wainwright dropped their price objective on ArriVent BioPharma from $47.00 to $27.00 and set a “buy” rating on the stock in a report on Thursday, October 8th. Oppenheimer restated an “outperform” rating and issued a $25.00 target price on shares of ArriVent BioPharma in a research note on Monday. Finally, Truist Financial set a $21.00 price target on ArriVent BioPharma in a research report on Monday. Nine analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $24.56.

ArriVent BioPharma Price Performance

The company has a market cap of $759.34 million, a P/E ratio of -4.25 and a beta of 1.34. The company has a 50 day moving average of $25.61 and a 200-day moving average of $26.95.

ArriVent BioPharma (NASDAQ:AVBP) last announced its earnings results on Wednesday, August 12th. The company reported ($1.05) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.99) by ($0.06). Research analysts anticipate that ArriVent BioPharma, Inc. will post -4.04 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. China Universal Asset Management Co. Ltd. lifted its holdings in shares of ArriVent BioPharma by 21.4% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 8,997 shares of the company’s stock worth $266,000 after acquiring an additional 1,585 shares during the last quarter. Moody Aldrich Partners LLC grew its position in ArriVent BioPharma by 4.1% in the third quarter. Moody Aldrich Partners LLC now owns 45,852 shares of the company’s stock worth $1,388,000 after acquiring an additional 1,808 shares in the last quarter. Sterling Capital Management LLC increased its stake in ArriVent BioPharma by 843.6% in the third quarter. Sterling Capital Management LLC now owns 1,255 shares of the company’s stock valued at $38,000 after acquiring an additional 1,122 shares during the last quarter. Assenagon Asset Management S.A. bought a new position in ArriVent BioPharma in the third quarter valued at $2,032,000. Finally, Tidal Investments LLC purchased a new stake in ArriVent BioPharma during the second quarter valued at about $1,981,000. 9.48% of the stock is currently owned by institutional investors.

About ArriVent BioPharma

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.