ArriVent BioPharma (NASDAQ:AVBP) Upgraded to Buy at The Goldman Sachs Group

ArriVent BioPharma (NASDAQ:AVBP - Get Free Report) was upgraded by stock analysts at The Goldman Sachs Group to a "buy" rating in a report released on Thursday, July 10th, MarketBeat Ratings reports. The firm currently has a $33.00 target price on the stock. The Goldman Sachs Group's price objective suggests a potential upside of 55.81% from the stock's previous close.

Other equities analysts have also recently issued research reports about the company. B. Riley assumed coverage on ArriVent BioPharma in a report on Thursday, March 20th. They issued a "buy" rating and a $37.00 target price for the company. Oppenheimer restated an "outperform" rating and set a $44.00 price target (up from $39.00) on shares of ArriVent BioPharma in a research report on Tuesday, June 24th. Wall Street Zen lowered ArriVent BioPharma from a "hold" rating to a "strong sell" rating in a research report on Thursday, May 22nd. Guggenheim reiterated a "buy" rating and set a $45.00 price objective on shares of ArriVent BioPharma in a research note on Tuesday, June 24th. Finally, Jones Trading initiated coverage on ArriVent BioPharma in a research note on Tuesday, May 20th. They set a "buy" rating and a $40.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, six have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $39.29.

ArriVent BioPharma Trading Down 1.3%

Shares of NASDAQ:AVBP traded down $0.27 during trading on Thursday, hitting $21.18. 146,153 shares of the company's stock traded hands, compared to its average volume of 320,334. The company has a 50-day moving average price of $22.13 and a 200-day moving average price of $22.24. ArriVent BioPharma has a 52 week low of $15.47 and a 52 week high of $36.37. The company has a market cap of $724.57 million, a price-to-earnings ratio of -5.62 and a beta of 1.20.

ArriVent BioPharma (NASDAQ:AVBP - Get Free Report) last posted its quarterly earnings results on Monday, May 12th. The company reported ($1.90) earnings per share for the quarter, missing the consensus estimate of ($0.66) by ($1.24). On average, analysts predict that ArriVent BioPharma will post -2.74 earnings per share for the current fiscal year.

Institutional Trading of ArriVent BioPharma

Several hedge funds have recently bought and sold shares of the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in ArriVent BioPharma during the fourth quarter valued at approximately $218,000. Wellington Management Group LLP purchased a new position in ArriVent BioPharma in the 4th quarter worth $1,117,000. Barclays PLC grew its position in ArriVent BioPharma by 28.8% during the 4th quarter. Barclays PLC now owns 53,499 shares of the company's stock worth $1,425,000 after purchasing an additional 11,977 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in ArriVent BioPharma by 8.4% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,114 shares of the company's stock worth $456,000 after purchasing an additional 1,327 shares during the period. Finally, KLP Kapitalforvaltning AS acquired a new stake in shares of ArriVent BioPharma during the 4th quarter valued at about $83,000. 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.