ArriVent BioPharma, Inc. (NASDAQ:AVBP) Given Average Rating of "Buy" by Brokerages

Key Points

• ArriVent BioPharma has received an average rating of "Buy" from seven analysts, with the average 12-month target price set at $39.14.
• The company's recent earnings report revealed a loss of ($0.90) EPS, which was below analysts' expectations of ($0.70).
• Institutional investors have shown increased interest, with several hedge funds significantly boosting their positions in ArriVent BioPharma during the second quarter.

ArriVent BioPharma, Inc. (NASDAQ:AVBP - Get Free Report) has been given a consensus rating of "Buy" by the seven analysts that are covering the firm, MarketBeat Ratings reports. Six equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $39.1429.

AVBP has been the subject of a number of recent research reports. Wall Street Zen cut shares of ArriVent BioPharma from a "hold" rating to a "strong sell" rating in a research report on Thursday, May 22nd. HC Wainwright reissued a "buy" rating and issued a $42.00 price objective (up previously from $40.00) on shares of ArriVent BioPharma in a report on Tuesday. Guggenheim reissued a "buy" rating and issued a $45.00 price objective on shares of ArriVent BioPharma in a report on Tuesday, June 24th. Citigroup reissued a "buy" rating and issued a $33.00 price objective (down previously from $40.00) on shares of ArriVent BioPharma in a report on Tuesday. Finally, Jones Trading started coverage on shares of ArriVent BioPharma in a report on Tuesday, May 20th. They issued a "buy" rating and a $40.00 price objective for the company.

ArriVent BioPharma Stock Up 4.9%

Shares of ArriVent BioPharma stock opened at $19.53 on Friday. The firm's 50 day moving average price is $21.40 and its 200-day moving average price is $21.48. The company has a market cap of $792.33 million, a P/E ratio of -4.86 and a beta of 1.17. ArriVent BioPharma has a 52-week low of $15.47 and a 52-week high of $36.37.

ArriVent BioPharma (NASDAQ:AVBP - Get Free Report) last issued its earnings results on Monday, August 11th. The company reported ($0.90) EPS for the quarter, missing analysts' consensus estimates of ($0.70) by ($0.20). As a group, equities research analysts forecast that ArriVent BioPharma will post -2.74 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Tower Research Capital LLC TRC boosted its stake in ArriVent BioPharma by 571.6% during the second quarter. Tower Research Capital LLC TRC now owns 6,669 shares of the company's stock worth $145,000 after buying an additional 5,676 shares during the period. Fund 1 Investments LLC purchased a new position in ArriVent BioPharma during the second quarter worth about $11,503,000. BNP Paribas Financial Markets boosted its stake in ArriVent BioPharma by 31.0% during the second quarter. BNP Paribas Financial Markets now owns 2,571 shares of the company's stock worth $56,000 after buying an additional 609 shares during the period. Brevan Howard Capital Management LP acquired a new stake in shares of ArriVent BioPharma during the second quarter worth about $209,000. Finally, Bank of America Corp DE lifted its position in shares of ArriVent BioPharma by 5.0% during the second quarter. Bank of America Corp DE now owns 30,747 shares of the company's stock worth $669,000 after purchasing an additional 1,462 shares in the last quarter. Hedge funds and other institutional investors own 9.48% of the company's stock.

About ArriVent BioPharma

ArriVent BioPharma, Inc operates as a clinical-stage biopharmaceutical company that engages in the identification, development, and commercialization of medicines for the unmet medical needs of patients with cancers in the United States. It also engages in the development and commercialization of targeted cancer therapies for non-small cell lung cancer (NSCLC) and other solid tumors.

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