ArriVent BioPharma (NASDAQ:AVBP) Sees Large Volume Increase - Still a Buy?

ArriVent BioPharma, Inc. (NASDAQ:AVBP - Get Free Report) shares saw unusually-high trading volume on Wednesday . Approximately 225,999 shares changed hands during mid-day trading, a decline of 9% from the previous session's volume of 247,550 shares.The stock last traded at $21.26 and had previously closed at $20.89.

Analyst Ratings Changes

Several equities research analysts have commented on the company. Jones Trading initiated coverage on ArriVent BioPharma in a research report on Tuesday, May 20th. They issued a "buy" rating and a $40.00 price objective on the stock. Wall Street Zen downgraded shares of ArriVent BioPharma from a "hold" rating to a "strong sell" rating in a report on Thursday, May 22nd. HC Wainwright raised their price target on shares of ArriVent BioPharma from $39.00 to $40.00 and gave the company a "buy" rating in a research report on Wednesday, May 14th. Oppenheimer reaffirmed an "outperform" rating and issued a $44.00 price objective (up previously from $39.00) on shares of ArriVent BioPharma in a report on Tuesday, June 24th. Finally, Guggenheim reissued a "buy" rating and set a $45.00 target price on shares of ArriVent BioPharma in a research note on Tuesday, June 24th. One investment analyst has rated the stock with a sell rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, ArriVent BioPharma has a consensus rating of "Moderate Buy" and an average price target of $40.00.

ArriVent BioPharma Trading Down 1.6%

The firm's fifty day moving average is $21.72 and its 200 day moving average is $22.88. The company has a market cap of $710.03 million, a PE ratio of -5.51 and a beta of 1.20.

ArriVent BioPharma (NASDAQ:AVBP - Get Free Report) last announced its earnings results on Monday, May 12th. The company reported ($1.90) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.66) by ($1.24). As a group, sell-side analysts anticipate that ArriVent BioPharma, Inc. will post -2.74 EPS for the current fiscal year.

Institutional Investors Weigh In On ArriVent BioPharma

Large investors have recently bought and sold shares of the company. Jane Street Group LLC acquired a new stake in shares of ArriVent BioPharma in the first quarter worth approximately $189,000. Woodline Partners LP lifted its holdings in ArriVent BioPharma by 0.4% in the 1st quarter. Woodline Partners LP now owns 146,373 shares of the company's stock valued at $2,706,000 after purchasing an additional 576 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in ArriVent BioPharma in the 1st quarter valued at $266,000. Infinitum Asset Management LLC boosted 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 worth $38,205,000 after purchasing an additional 422,315 shares during the last quarter. Finally, Wellington Management Group LLP grew its holdings in shares of ArriVent BioPharma by 46.3% during the first quarter. Wellington Management Group LLP now owns 61,348 shares of the company's stock worth $1,134,000 after buying an additional 19,427 shares in the last quarter. 9.48% of the stock is currently owned by hedge funds and other institutional investors.

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.