ArriVent BioPharma (NASDAQ:AVBP) Earns "Buy" Rating from BTIG Research

ArriVent BioPharma (NASDAQ:AVBP - Get Free Report)'s stock had its "buy" rating reaffirmed by investment analysts at BTIG Research in a report issued on Friday, Benzinga reports. They currently have a $29.00 price objective on the stock. BTIG Research's price objective points to a potential upside of 74.68% from the company's current price.

A number of other research analysts have also recently weighed in on the company. HC Wainwright reduced their target price on ArriVent BioPharma from $47.00 to $27.00 and set a "buy" rating on the stock in a report on Thursday, October 8th. Cantor Fitzgerald reiterated an "overweight" rating on shares of ArriVent BioPharma in a report on Tuesday, September 22nd. Truist Financial reduced their target price on ArriVent BioPharma from $45.00 to $18.00 and set a "buy" rating on the stock in a report on Tuesday, October 6th. Weiss Ratings reiterated a "sell (d-)" rating on shares of ArriVent BioPharma in a report on Thursday. Finally, Guggenheim reduced their target price on ArriVent BioPharma from $45.00 to $18.00 and set a "buy" rating on the stock in a report on Wednesday, October 7th. Nine research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $27.44.

ArriVent BioPharma Stock Down 1.1%

NASDAQ AVBP traded down $0.19 during mid-day trading on Friday, hitting $16.60. The stock had a trading volume of 663,931 shares, compared to its average volume of 674,531. ArriVent BioPharma has a 52-week low of $11.36 and a 52-week high of $35.83. The company has a market cap of $818.61 million, a price-to-earnings ratio of -4.60 and a beta of 1.34. The company has a 50 day simple moving average of $27.62 and a 200 day simple moving average of $29.15.

ArriVent BioPharma (NASDAQ:AVBP - Get Free Report) last released its quarterly earnings data on Wednesday, August 12th. The company reported ($1.05) earnings per share for the quarter, missing the consensus estimate of ($0.99) by ($0.06). As a group, equities analysts anticipate that ArriVent BioPharma will post -4.05 earnings per share for the current fiscal year.

Institutional Trading of ArriVent BioPharma

A number of hedge funds and other institutional investors have recently modified their holdings of AVBP. Assenagon Asset Management S.A. bought a new stake in ArriVent BioPharma in the third quarter valued at about $2,032,000. Tidal Investments LLC acquired a new position in ArriVent BioPharma in the second quarter valued at approximately $1,981,000. Engineers Gate Manager LP acquired a new position in ArriVent BioPharma in the second quarter valued at approximately $773,000. Arizona State Retirement System acquired a new position in ArriVent BioPharma in the second quarter valued at approximately $233,000. Finally, Montanova Capital LLC boosted its stake in ArriVent BioPharma by 2.6% in the second quarter. Montanova Capital LLC now owns 4,515,531 shares of the company's stock valued at $156,870,000 after acquiring an additional 114,448 shares during the period. 9.48% of the stock is owned by hedge funds and other institutional investors.

About ArriVent BioPharma

ArriVent BioPharma, Inc is a clinical-stage biopharmaceutical company focused on developing and commercializing precision medicines for patients with genetically defined cancers. The company seeks to identify promising therapies developed in other regions and advance them through clinical development and regulatory approval in the United States and other markets.

ArriVent's lead product candidate is furmonertinib, an oral, irreversible epidermal growth factor receptor (EGFR) tyrosine kinase inhibitor designed to target specific EGFR mutations in non-small cell lung cancer, including EGFR exon 20 insertion mutations.