ArriVent BioPharma (NASDAQ:AVBP) Stock Gets Price Target Boost from Truist Financial

Key Points

• Truist Financial raised ArriVent BioPharma’s price target from $21 to $24 and maintained a Buy rating, implying 69.49% upside from the stock’s current price.
• Analyst views are mostly positive but not unanimous: nine analysts rate AVBP Buy, one Hold, and one Sell; the average price target is $24.89.
• ArriVent reported a quarterly loss of $0.81 per share, better than the $1.05 loss analysts expected, and revenue of $5 million versus a $0.8 million consensus estimate.

ArriVent BioPharma (NASDAQ:AVBP - Get Free Report) had its price objective raised by investment analysts at Truist Financial from $21.00 to $24.00 in a research note issued on Tuesday, Benzinga reports. The firm currently has a "buy" rating on the stock. Truist Financial's price target points to a potential upside of 69.49% from the company's current price.

Several other analysts have also issued reports on the company. Wall Street Zen raised ArriVent BioPharma from a "strong sell" rating to a "sell" rating in a report on Sunday, October 18th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of ArriVent BioPharma in a research note on Thursday, October 15th. BTIG Research reaffirmed a "buy" rating and set a $29.00 price objective on shares of ArriVent BioPharma in a research report on Friday, October 16th. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of ArriVent BioPharma in a research report on Tuesday, September 22nd. Finally, Guggenheim increased their price objective on shares of ArriVent BioPharma from $18.00 to $30.00 and gave the stock a "buy" rating in a research note on Tuesday, October 27th. Nine equities research 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. According to MarketBeat.com, ArriVent BioPharma currently has an average rating of "Moderate Buy" and an average target price of $24.89.

ArriVent BioPharma Stock Up 3.8%

Shares of NASDAQ:AVBP opened at $14.16 on Tuesday. The firm has a market cap of $698.23 million, a PE ratio of -3.91 and a beta of 1.66. ArriVent BioPharma has a 12-month low of $11.36 and a 12-month high of $35.83. The company's 50 day moving average price is $22.73 and its two-hundred day moving average price is $26.61.

ArriVent BioPharma (NASDAQ:AVBP - Get Free Report) last posted its quarterly earnings data on Monday, November 9th. The company reported ($0.81) EPS for the quarter, topping analysts' consensus estimates of ($1.05) by $0.24. The company had revenue of $5.00 million for the quarter, compared to the consensus estimate of $0.80 million. On average, research analysts expect that ArriVent BioPharma will post -4.04 EPS for the current year.

Institutional Investors Weigh In On ArriVent BioPharma

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Sterling Capital Management LLC boosted its holdings in shares of ArriVent BioPharma by 843.6% in the 3rd quarter. Sterling Capital Management LLC now owns 1,255 shares of the company's stock valued at $38,000 after purchasing an additional 1,122 shares in the last quarter. Quantbot Technologies LP acquired a new position in shares of ArriVent BioPharma during the 2nd quarter worth $59,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of ArriVent BioPharma during the 3rd quarter worth $76,000. Jupiter Topco LLC bought a new stake in shares of ArriVent BioPharma during the 2nd quarter worth $226,000. Finally, Arizona State Retirement System bought a new stake in shares of ArriVent BioPharma during the 2nd quarter worth $233,000. 9.48% of the stock is currently owned by institutional investors.

ArriVent BioPharma Company Profile

ArriVent BioPharma is a clinical-stage biopharmaceutical company focused on developing medicines for people with cancer. The company advances therapies intended to address significant unmet medical needs, with an emphasis on treatments that may offer new options for patients with difficult-to-treat tumors.

Its lead clinical program is furmonertinib, an oral targeted therapy being studied for non-small cell lung cancer with certain epidermal growth factor receptor (EGFR) mutations, including exon 20 insertion mutations.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.