ArriVent BioPharma (NASDAQ:AVBP) Announces Quarterly Earnings Results

Key Points

• ArriVent BioPharma reported a quarterly earnings loss of ($0.90) per share, missing the consensus estimate of ($0.70) by ($0.20).
• Shares of the company fell by 3.2% during midday trading, with the stock priced at $17.42 and a trading volume of over 523,000 shares.
• Wall Street analysts have mixed ratings on ArriVent BioPharma, with six analysts giving a buy rating, one a strong buy, and one a sell rating.

ArriVent BioPharma (NASDAQ:AVBP - Get Free Report) issued its quarterly earnings data on Monday. The company reported ($0.90) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.70) by ($0.20), Zacks reports.

ArriVent BioPharma Stock Down 3.2%

Shares of NASDAQ:AVBP traded down $0.57 during midday trading on Monday, hitting $17.42. The stock had a trading volume of 523,522 shares, compared to its average volume of 244,000. The stock has a 50 day moving average price of $21.79 and a two-hundred day moving average price of $21.72. ArriVent BioPharma has a 1 year low of $15.47 and a 1 year high of $36.37.

Institutional Trading of ArriVent BioPharma

Several hedge funds and other institutional investors have recently made changes to their positions in AVBP. Dynamic Technology Lab Private Ltd acquired a new stake in shares of ArriVent BioPharma in the first quarter valued at about $266,000. Jane Street Group LLC acquired a new position in ArriVent BioPharma during the first quarter worth about $189,000. Finally, Woodline Partners LP raised its position in ArriVent BioPharma by 0.4% during the first quarter. Woodline Partners LP now owns 146,373 shares of the company's stock worth $2,706,000 after acquiring an additional 576 shares during the last quarter. Hedge funds and other institutional investors own 9.48% of the company's stock.

Wall Street Analysts Forecast Growth

AVBP has been the topic of several research reports. Jones Trading initiated coverage on shares of ArriVent BioPharma in a research report on Tuesday, May 20th. They set a "buy" rating and a $40.00 price objective on the stock. Guggenheim reissued a "buy" rating and set a $45.00 price objective on shares of ArriVent BioPharma in a research report on Tuesday, June 24th. Wall Street Zen downgraded shares of ArriVent BioPharma from a "hold" rating to a "strong sell" rating in a research report on Thursday, May 22nd. The Goldman Sachs Group raised shares of ArriVent BioPharma to a "buy" rating and set a $33.00 price objective on the stock in a research report on Thursday, July 10th. Finally, Oppenheimer reaffirmed an "outperform" rating and issued a $44.00 target price (up previously from $39.00) on shares of ArriVent BioPharma in a report on Tuesday, June 24th. One research analyst has rated the stock with a sell rating, six have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, ArriVent BioPharma has an average rating of "Moderate Buy" and an average price target of $39.29.

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.

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