ArriVent BioPharma (NASDAQ:AVBP) Upgraded to Hold at Wall Street Zen

Key Points

• Wall Street Zen upgraded ArriVent BioPharma from “sell” to “hold.” Across analysts, the stock has a “Moderate Buy” consensus rating and an average price target of $24.89.
• Analyst views and targets vary: Truist raised its target to $24, while Citigroup and HC Wainwright cut theirs to $20 and $27, respectively; both retained “buy” ratings.
• Shares opened at $13.01, well below the reported 50-day average of $21.36. The company also beat quarterly estimates, reporting an $0.81-per-share loss versus the expected $1.05 loss and $5 million in revenue versus $0.8 million expected.

ArriVent BioPharma (NASDAQ:AVBP - Get Free Report) was upgraded by stock analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a research note issued on Saturday, Wall Street Zen reports.

Other analysts have also recently issued reports about the stock. Truist Financial lifted their target price on shares of ArriVent BioPharma from $21.00 to $24.00 and gave the stock a "buy" rating in a research note on Tuesday. Citigroup reduced their price target on ArriVent BioPharma from $40.00 to $20.00 and set a "buy" rating on the stock in a research note on Wednesday, October 7th. Jefferies Financial Group set a $18.00 price target on ArriVent BioPharma in a research note on Tuesday, October 6th. HC Wainwright decreased 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. Finally, Oppenheimer reaffirmed an "outperform" rating and issued a $25.00 price objective on shares of ArriVent BioPharma in a research report on Monday, October 26th. Nine investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, ArriVent BioPharma currently has an average rating of "Moderate Buy" and a consensus target price of $24.89.

ArriVent BioPharma Price Performance

Shares of NASDAQ AVBP opened at $13.01 on Friday. The company has a 50-day simple moving average of $21.36 and a 200-day simple moving average of $26.40. The company has a market cap of $672.88 million, a PE ratio of -3.61 and a beta of 1.66. ArriVent BioPharma has a 12 month low of $11.36 and a 12 month high of $35.83.

ArriVent BioPharma (NASDAQ:AVBP - Get Free Report) last announced its quarterly earnings data on Monday, November 9th. The company reported ($0.81) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.05) by $0.24. The firm had revenue of $5.00 million for the quarter, compared to analysts' expectations of $0.80 million. On average, analysts anticipate that ArriVent BioPharma will post -3.81 EPS for the current year.

Institutional Investors Weigh In On ArriVent BioPharma

Several hedge funds have recently modified their holdings of the stock. Montanova Capital LLC increased its position in ArriVent BioPharma by 2.6% during the second quarter. Montanova Capital LLC now owns 4,515,531 shares of the company's stock worth $156,870,000 after purchasing an additional 114,448 shares during the last quarter. Hhlr Advisors LTD. acquired a new position in shares of ArriVent BioPharma in the 2nd quarter valued at $136,498,000. BlackRock Inc. acquired a new position in shares of ArriVent BioPharma in the 2nd quarter valued at $112,919,000. General Catalyst Group Management LLC acquired a new position in shares of ArriVent BioPharma in the 2nd quarter valued at $51,929,000. Finally, Vivo Capital LLC purchased a new stake in shares of ArriVent BioPharma during the 1st quarter valued at $20,438,000. 9.48% of the stock is owned by institutional investors and hedge funds.

About ArriVent BioPharma

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.