ArriVent BioPharma (NASDAQ:AVBP) Shares Gap Up After Analyst Upgrade

ArriVent BioPharma, Inc. (NASDAQ:AVBP - Get Free Report)'s stock price gapped up before the market opened on Tuesday after Oppenheimer raised their price target on the stock from $39.00 to $44.00. The stock had previously closed at $22.80, but opened at $24.03. Oppenheimer currently has an outperform rating on the stock. ArriVent BioPharma shares last traded at $22.97, with a volume of 179,321 shares trading hands.

AVBP has been the subject of several other reports. HC Wainwright lifted their price objective on ArriVent BioPharma from $39.00 to $40.00 and gave the stock a "buy" rating in a research report on Wednesday, May 14th. Wall Street Zen downgraded ArriVent BioPharma from a "hold" rating to a "strong sell" rating in a research report on Thursday, May 22nd. B. Riley assumed coverage on ArriVent BioPharma in a research note on Thursday, March 20th. They set a "buy" rating and a $37.00 price objective on the stock. Guggenheim restated a "buy" rating and issued a $45.00 target price on shares of ArriVent BioPharma in a report on Tuesday. Finally, Jones Trading began coverage on shares of ArriVent BioPharma in a report on Tuesday, May 20th. They set a "buy" rating and a $40.00 price target for the company. One equities research analyst has rated the stock with a sell rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $40.00.

Institutional Trading of ArriVent BioPharma

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Rhumbline Advisers lifted its holdings in shares of ArriVent BioPharma by 9.1% during the 4th quarter. Rhumbline Advisers now owns 36,690 shares of the company's stock worth $977,000 after acquiring an additional 3,069 shares during the period. New York State Common Retirement Fund raised its stake in ArriVent BioPharma by 34.6% during the fourth quarter. New York State Common Retirement Fund now owns 7,783 shares of the company's stock worth $207,000 after purchasing an additional 2,000 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of ArriVent BioPharma by 2.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 206,379 shares of the company's stock valued at $5,498,000 after purchasing an additional 4,011 shares during the last quarter. Swiss National Bank purchased a new stake in shares of ArriVent BioPharma during the 4th quarter valued at $703,000. Finally, Intech Investment Management LLC acquired a new stake in shares of ArriVent BioPharma during the 4th quarter worth $394,000. Hedge funds and other institutional investors own 9.48% of the company's stock.

ArriVent BioPharma Trading Down 1.3%

The firm has a market capitalization of $780.06 million, a PE ratio of -6.05 and a beta of 1.26. The firm has a 50-day moving average of $21.37 and a two-hundred day moving average of $23.07.

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

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.