ArriVent BioPharma (NASDAQ:AVBP) Upgraded to Hold at Zacks Research

Key Points

• ArriVent BioPharma's rating has been upgraded from "strong sell" to "hold" by Zacks Research, indicating a change in analyst sentiment regarding the stock.
• Oppenheimer has set a new price target of $44.00 for ArriVent shares, suggesting optimism, while Citigroup has lowered its target to $33.00.
• The company reported (-$0.90) earnings per share for the last quarter, which was below the analyst consensus of (−$0.70), hinting at challenges in profitability.

ArriVent BioPharma (NASDAQ:AVBP - Get Free Report) was upgraded by equities researchers at Zacks Research from a "strong sell" rating to a "hold" rating in a report released on Monday,Zacks.com reports.

A number of other analysts also recently issued reports on AVBP. Jones Trading began coverage on ArriVent BioPharma in a report on Tuesday, May 20th. They set a "buy" rating and a $40.00 price target for the company. HC Wainwright reaffirmed a "buy" rating and set a $42.00 price target (up from $40.00) on shares of ArriVent BioPharma in a report on Tuesday, August 12th. Citigroup reaffirmed a "buy" rating and set a $33.00 price target (down from $40.00) on shares of ArriVent BioPharma in a report on Tuesday, August 12th. Oppenheimer reissued an "outperform" rating and issued a $44.00 target price (up from $39.00) on shares of ArriVent BioPharma in a report on Tuesday, June 24th. Finally, Guggenheim reissued a "buy" rating and issued a $45.00 target price on shares of ArriVent BioPharma in a report on Tuesday, June 24th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $39.14.

ArriVent BioPharma Stock Performance

Shares of NASDAQ AVBP traded up $0.23 during trading on Monday, reaching $20.11. The stock had a trading volume of 297,405 shares, compared to its average volume of 286,649. ArriVent BioPharma has a fifty-two week low of $15.47 and a fifty-two week high of $36.37. The business's 50-day moving average price is $20.99 and its 200-day moving average price is $21.17. The company has a market cap of $815.86 million, a P/E ratio of -5.00 and a beta of 1.17.

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

Institutional Trading of ArriVent BioPharma

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Suvretta Capital Management LLC raised its stake in ArriVent BioPharma by 21.7% during the 4th quarter. Suvretta Capital Management LLC now owns 2,246,000 shares of the company's stock valued at $59,833,000 after acquiring an additional 400,838 shares during the last quarter. Infinitum Asset Management LLC raised its stake in ArriVent BioPharma by 25.7% during the 1st quarter. Infinitum Asset Management LLC now owns 2,066,238 shares of the company's stock valued at $38,205,000 after acquiring an additional 422,315 shares during the last quarter. Octagon Capital Advisors LP raised its stake in ArriVent BioPharma by 4.2% during the 4th quarter. Octagon Capital Advisors LP now owns 2,059,387 shares of the company's stock valued at $54,862,000 after acquiring an additional 83,000 shares during the last quarter. Novo Holdings A S raised its stake in ArriVent BioPharma by 1.0% during the 4th quarter. Novo Holdings A S now owns 1,520,627 shares of the company's stock valued at $40,510,000 after acquiring an additional 15,312 shares during the last quarter. Finally, Vanguard Group Inc. raised its stake in ArriVent BioPharma by 6.1% during the 1st quarter. Vanguard Group Inc. now owns 1,503,358 shares of the company's stock valued at $27,797,000 after acquiring an additional 86,067 shares during the last quarter. 9.48% of the stock is owned by hedge funds and other 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.