ArriVent BioPharma (NASDAQ:AVBP) Shares Down 4.7% - Here's Why

Key Points

• ArriVent BioPharma shares fell 4.7%, trading as low as $18.71, with considerable decline in trading volume, approximately 77% below the average.
• Equities analysts have varied ratings on the stock, with price targets ranging from $33.00 to $45.00, and an average consensus target price of $39.14.
• The company posted an earnings miss for the previous quarter, reporting ($0.90) EPS compared to expectations of ($0.70).

ArriVent BioPharma, Inc. (NASDAQ:AVBP - Get Free Report) shares were down 4.7% on Wednesday . The stock traded as low as $18.71 and last traded at $18.88. Approximately 59,889 shares traded hands during mid-day trading, a decline of 77% from the average daily volume of 257,974 shares. The stock had previously closed at $19.82.

Analysts Set New Price Targets

A number of equities analysts have weighed in on AVBP shares. Guggenheim reiterated a "buy" rating and issued a $45.00 price target on shares of ArriVent BioPharma in a report on Tuesday, June 24th. The Goldman Sachs Group raised shares of ArriVent BioPharma to a "buy" rating and set a $33.00 price target for the company in a research report on Thursday, July 10th. B. Riley raised shares of ArriVent BioPharma to a "strong-buy" rating in a research report on Monday, August 25th. Wall Street Zen downgraded shares of ArriVent BioPharma from a "hold" rating to a "strong sell" rating in a research note on Thursday, May 22nd. Finally, Citigroup reissued a "buy" rating and issued a $33.00 target price (down previously from $40.00) on shares of ArriVent BioPharma in a research report on Tuesday, August 12th. One 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 stock. According to MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $39.14.

ArriVent BioPharma Price Performance

The stock has a fifty day moving average price of $20.03 and a 200-day moving average price of $20.56. The company has a market cap of $755.21 million, a PE ratio of -4.63 and a beta of 1.17.

ArriVent BioPharma (NASDAQ:AVBP - Get Free Report) last released its earnings results on Monday, August 11th. The company reported ($0.90) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.70) by ($0.20). On average, equities analysts anticipate that ArriVent BioPharma, Inc. will post -2.74 earnings per share for the current year.

Institutional Investors Weigh In On ArriVent BioPharma

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Suvretta Capital Management LLC lifted its position in ArriVent BioPharma by 21.7% in the 4th quarter. Suvretta Capital Management LLC now owns 2,246,000 shares of the company's stock worth $59,833,000 after buying an additional 400,838 shares in the last quarter. Infinitum Asset Management LLC lifted its position in ArriVent BioPharma by 25.7% in the 1st quarter. Infinitum Asset Management LLC now owns 2,066,238 shares of the company's stock worth $38,205,000 after buying an additional 422,315 shares in the last quarter. Octagon Capital Advisors LP lifted its position in ArriVent BioPharma by 4.2% in the 4th quarter. Octagon Capital Advisors LP now owns 2,059,387 shares of the company's stock worth $54,862,000 after buying an additional 83,000 shares in the last quarter. Vanguard Group Inc. lifted its position in ArriVent BioPharma by 6.1% in the 1st quarter. Vanguard Group Inc. now owns 1,503,358 shares of the company's stock worth $27,797,000 after buying an additional 86,067 shares in the last quarter. Finally, Fund 1 Investments LLC purchased a new stake in ArriVent BioPharma in the 2nd quarter worth approximately $11,503,000. Hedge funds and other institutional investors own 9.48% of the company's stock.

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.

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