ArriVent BioPharma (NASDAQ:AVBP) Shares Down 4.7% Following Weak Earnings

Key Points

• ArriVent BioPharma shares fell 4.7% after the company reported quarterly earnings of a $1.05-per-share loss, missing analyst expectations by $0.06. Trading volume was also about 90% below average.
• Analyst sentiment remains generally positive, with seven Buy ratings, one Hold and one Sell; the stock has a “Moderate Buy” consensus rating and an average price target of $44.83.
• Institutional ownership increased, with firms including BlackRock, Vanguard and State Street holding positions; hedge funds and other institutions collectively own 9.48% of the company.

ArriVent BioPharma, Inc. (NASDAQ:AVBP - Get Free Report)'s share price fell 4.7% during trading on Thursday after the company announced weaker than expected quarterly earnings. The stock traded as low as $29.80 and last traded at $29.97. 52,688 shares traded hands during trading, a decline of 90% from the average session volume of 515,189 shares. The stock had previously closed at $31.46.

The company reported ($1.05) earnings per share for the quarter, missing the consensus estimate of ($0.99) by ($0.06).

Analysts Set New Price Targets

A number of research analysts have recently issued reports on AVBP shares. BTIG Research reaffirmed a "buy" rating and set a $42.00 price target on shares of ArriVent BioPharma in a report on Thursday. Truist Financial raised their target price on ArriVent BioPharma from $43.00 to $45.00 and gave the stock a "buy" rating in a research report on Friday, May 29th. Weiss Ratings reissued a "sell (d-)" rating on shares of ArriVent BioPharma in a research report on Friday, July 17th. Citigroup restated a "buy" rating on shares of ArriVent BioPharma in a research report on Thursday. Finally, Cantor Fitzgerald restated an "overweight" rating on shares of ArriVent BioPharma in a research note on Friday, May 22nd. Seven investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $44.83.

Institutional Investors Weigh In On ArriVent BioPharma

Several hedge funds have recently made changes to their positions in the company. Infinitum Asset Management LLC boosted its holdings in shares of ArriVent BioPharma by 6.6% in the 4th quarter. Infinitum Asset Management LLC now owns 4,123,923 shares of the company's stock valued at $82,973,000 after buying an additional 255,000 shares in the last quarter. Suvretta Capital Management LLC raised its stake in shares of ArriVent BioPharma by 10.9% during the 4th quarter. Suvretta Capital Management LLC now owns 4,106,035 shares of the company's stock worth $82,613,000 after acquiring an additional 402,583 shares in the last quarter. BlackRock Inc. bought a new position in shares of ArriVent BioPharma during the 2nd quarter worth approximately $112,919,000. Vanguard Group Inc. lifted its position in ArriVent BioPharma by 36.8% during the third quarter. Vanguard Group Inc. now owns 2,029,531 shares of the company's stock valued at $37,445,000 after acquiring an additional 545,991 shares during the last quarter. Finally, State Street Corp lifted its position in 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 acquiring an additional 64,352 shares during the last quarter. 9.48% of the stock is currently owned by hedge funds and other institutional investors.

ArriVent BioPharma Stock Down 5.6%

The company has a market capitalization of $1.38 billion, a price-to-earnings ratio of -8.56 and a beta of 1.36. The company's 50 day simple moving average is $31.87 and its two-hundred day simple moving average is $27.77.

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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