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

ArriVent BioPharma, Inc. (NASDAQ:AVBP - Get Free Report) has been given an average recommendation of "Buy" by the seven ratings firms that are presently covering the stock, Marketbeat.com reports. Six analysts have rated the stock with a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $39.29.

A number of research firms have recently weighed in on AVBP. The Goldman Sachs Group raised shares of ArriVent BioPharma to a "buy" rating and set a $33.00 price objective for the company in a research report on Thursday, July 10th. Oppenheimer reissued an "outperform" rating and set a $44.00 target price (up previously from $39.00) on shares of ArriVent BioPharma in a research note on Tuesday, June 24th. Guggenheim reaffirmed a "buy" rating and issued a $45.00 price objective on shares of ArriVent BioPharma in a research note on Tuesday, June 24th. Wall Street Zen cut shares of ArriVent BioPharma from a "hold" rating to a "strong sell" rating in a report on Thursday, May 22nd. Finally, HC Wainwright reiterated a "buy" rating and issued a $40.00 target price on shares of ArriVent BioPharma in a report on Tuesday.

ArriVent BioPharma Price Performance

Shares of AVBP traded down $0.34 during midday trading on Wednesday, reaching $21.11. The stock had a trading volume of 63,475 shares, compared to its average volume of 252,751. The company's fifty day simple moving average is $22.09 and its two-hundred day simple moving average is $22.31. ArriVent BioPharma has a 1-year low of $15.47 and a 1-year high of $36.37. The company has a market cap of $722.17 million, a price-to-earnings ratio of -5.61 and a beta of 1.20.

ArriVent BioPharma (NASDAQ:AVBP - Get Free Report) last released its quarterly earnings data on Monday, May 12th. The company reported ($1.90) EPS for the quarter, missing analysts' consensus estimates of ($0.66) by ($1.24). On average, sell-side analysts forecast that ArriVent BioPharma will post -2.74 earnings per share for the current year.

Hedge Funds Weigh In On ArriVent BioPharma

A number of institutional investors have recently modified their holdings of the company. Jane Street Group LLC acquired a new position in ArriVent BioPharma during the 1st quarter worth about $189,000. Woodline Partners LP boosted its holdings in shares of ArriVent BioPharma by 0.4% in the 1st quarter. Woodline Partners LP now owns 146,373 shares of the company's stock valued at $2,706,000 after buying an additional 576 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new position in shares of ArriVent BioPharma in the first quarter worth $266,000. Infinitum Asset Management LLC increased its position in shares of ArriVent BioPharma by 25.7% in the first quarter. Infinitum Asset Management LLC now owns 2,066,238 shares of the company's stock worth $38,205,000 after purchasing an additional 422,315 shares during the period. Finally, Wellington Management Group LLP grew its holdings in shares of ArriVent BioPharma by 46.3% during the first quarter. Wellington Management Group LLP now owns 61,348 shares of the company's stock worth $1,134,000 after purchasing an additional 19,427 shares during the last quarter. Institutional investors own 9.48% of the company's stock.

ArriVent BioPharma Company Profile

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.