ArriVent BioPharma (NASDAQ:AVBP) Receives "Buy" Rating from Guggenheim

Key Points

• Guggenheim reiterated its “Buy” rating on ArriVent BioPharma and set a $45 price target, implying approximately 49% upside from the prior close.
• Analyst sentiment is broadly positive: eight analysts rate the stock Buy, one rates it Hold and one Sell, resulting in a consensus “Moderate Buy” rating and an average target of $44.86.
• Shares fell 4.0% to $30.21 after the company reported a quarterly loss of $1.05 per share, missing the $0.99 consensus estimate; institutional investors own 9.48% of the stock.

ArriVent BioPharma (NASDAQ:AVBP - Get Free Report)'s stock had its "buy" rating reiterated by equities researchers at Guggenheim in a note issued to investors on Thursday,Benzinga reports. They presently have a $45.00 target price on the stock. Guggenheim's price target indicates a potential upside of 48.96% from the stock's previous close.

Several other research firms have also weighed in on AVBP. Truist Financial upped their price objective on shares of ArriVent BioPharma from $43.00 to $45.00 and gave the company a "buy" rating in a research note on Friday, May 29th. Cantor Fitzgerald restated an "overweight" rating on shares of ArriVent BioPharma in a report on Friday, May 22nd. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of ArriVent BioPharma in a research note on Friday, July 17th. BTIG Research reissued a "buy" rating and set a $42.00 price objective on shares of ArriVent BioPharma in a research report on Thursday. Finally, Citigroup reaffirmed a "buy" rating on shares of ArriVent BioPharma in a research note on Thursday. Eight investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $44.86.

ArriVent BioPharma Trading Down 4.0%

NASDAQ:AVBP traded down $1.25 on Thursday, hitting $30.21. 97,756 shares of the company's stock traded hands, compared to its average volume of 515,475. The company has a market cap of $1.41 billion, a PE ratio of -8.57 and a beta of 1.36. ArriVent BioPharma has a 1 year low of $17.00 and a 1 year high of $35.83. The firm has a 50-day moving average price of $31.87 and a 200-day moving average price of $27.77.

ArriVent BioPharma (NASDAQ:AVBP - Get Free Report) last posted its quarterly earnings results on Wednesday, August 12th. The company reported ($1.05) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.99) by ($0.06). On average, research analysts forecast that ArriVent BioPharma will post -3.9 EPS for the current fiscal year.

Institutional Investors Weigh In On ArriVent BioPharma

Hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. acquired a new position in ArriVent BioPharma during the 2nd quarter valued at $112,919,000. Vivo Capital LLC bought a new stake in ArriVent BioPharma in the 1st quarter valued at $20,438,000. AIHC Capital Management Ltd bought a new stake in ArriVent BioPharma in the 4th quarter valued at $12,973,000. Vanguard Group Inc. grew its position in ArriVent BioPharma by 36.8% in the 3rd quarter. Vanguard Group Inc. now owns 2,029,531 shares of the company's stock worth $37,445,000 after purchasing an additional 545,991 shares during the last quarter. Finally, UBS Group AG grew its position in ArriVent BioPharma by 474.7% in the 3rd quarter. UBS Group AG now owns 497,601 shares of the company's stock worth $9,181,000 after purchasing an additional 411,013 shares during the last quarter. Institutional investors and hedge funds 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. 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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