ArriVent BioPharma (NASDAQ:AVBP) Hits New 1-Year High - Time to Buy?

Key Points

• Shares of ArriVent BioPharma (AVBP) hit a new 52-week high of $29.49 (last $29.41) on heavy volume, rising about 6.4% during the session.
• Analysts are broadly positive — MarketBeat shows an average rating of Moderate Buy with an average price target of $41.67, and several firms have raised targets (B. Riley $45, HC Wainwright $44, BTIG $42, Citi $33).
• ArriVent is a clinical-stage oncology company developing furmonertinib (including a phase 3 trial in EGFR-mutant NSCLC), but remains unprofitable with a $1.3B market cap, a negative P/E (~-6.67), and reported EPS of ($0.78) last quarter.

Shares of ArriVent BioPharma, Inc. (NASDAQ:AVBP - Get Free Report) reached a new 52-week high on Thursday . The company traded as high as $29.49 and last traded at $29.41, with a volume of 594382 shares changing hands. The stock had previously closed at $27.64.

Analyst Upgrades and Downgrades

AVBP has been the topic of a number of recent research reports. Weiss Ratings reissued a "sell (d-)" rating on shares of ArriVent BioPharma in a report on Wednesday, January 21st. Citigroup increased their price objective on shares of ArriVent BioPharma from $31.00 to $33.00 and gave the stock a "buy" rating in a research note on Friday, March 6th. B. Riley Financial increased their price objective on shares of ArriVent BioPharma from $37.00 to $45.00 and gave the stock a "buy" rating in a research note on Monday, March 23rd. BTIG Research assumed coverage on shares of ArriVent BioPharma in a research report on Thursday, March 12th. They issued a "buy" rating and a $42.00 price target on the stock. Finally, HC Wainwright increased their price target on shares of ArriVent BioPharma from $42.00 to $44.00 and gave the stock a "buy" rating in a research report on Friday, March 6th. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, ArriVent BioPharma presently has an average rating of "Moderate Buy" and an average price target of $41.67.

ArriVent BioPharma Stock Up 6.4%

The firm has a 50 day moving average price of $23.69 and a 200 day moving average price of $21.96. The stock has a market cap of $1.30 billion, a P/E ratio of -6.67 and a beta of 0.85.

ArriVent BioPharma (NASDAQ:AVBP - Get Free Report) last released its earnings results on Thursday, March 5th. The company reported ($0.78) EPS for the quarter, topping analysts' consensus estimates of ($0.87) by $0.09. Equities analysts predict that ArriVent BioPharma, Inc. will post -2.74 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ArriVent BioPharma

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Infinitum Asset Management LLC raised its holdings in ArriVent BioPharma by 6.6% during the fourth quarter. Infinitum Asset Management LLC now owns 4,123,923 shares of the company's stock valued at $82,973,000 after acquiring an additional 255,000 shares during the period. Suvretta Capital Management LLC raised its stake in ArriVent BioPharma by 10.9% during the 4th quarter. Suvretta Capital Management LLC now owns 4,106,035 shares of the company's stock valued at $82,613,000 after purchasing an additional 402,583 shares during the period. Vanguard Group Inc. raised its stake in ArriVent BioPharma by 36.8% during the 3rd quarter. Vanguard Group Inc. now owns 2,029,531 shares of the company's stock valued at $37,445,000 after purchasing an additional 545,991 shares during the period. State Street Corp raised its position in shares of ArriVent BioPharma by 6.3% during the fourth quarter. State Street Corp now owns 1,091,980 shares of the company's stock valued at $21,971,000 after buying an additional 64,352 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in shares of ArriVent BioPharma by 5.2% during the fourth quarter. Geode Capital Management LLC now owns 753,519 shares of the company's stock valued at $15,164,000 after buying an additional 37,231 shares during the last quarter. 9.48% of the stock is owned by institutional investors.

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. In addition, the company develops Furmonertinib, a third-generation tyrosine kinase inhibitor that is in multiple clinical trials across a range of epidermal growth factor receptor mutations (EFGRm) in non-small cell lung cancer (NSCLC), including a phase 3 clinical trial for treatment of patients with metastatic EFGRm NSCLC; phase 1b clinical trial for treatment of patients with NSCLC with other EGFR mutations and NSCLC with HER2 Exon 20 insertion mutations; and ARR-002.

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