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

ArriVent BioPharma, Inc. (NASDAQ:AVBP - Get Free Report)'s stock price gapped up before the market opened on Tuesday after HC Wainwright raised their price target on the stock from $39.00 to $40.00. The stock had previously closed at $22.80, but opened at $24.03. HC Wainwright currently has a buy rating on the stock. ArriVent BioPharma shares last traded at $22.97, with a volume of 179,321 shares traded.

Other equities analysts have also recently issued research reports about the company. B. Riley initiated coverage on ArriVent BioPharma in a report on Thursday, March 20th. They issued a "buy" rating and a $37.00 price target on the stock. Guggenheim assumed coverage on shares of ArriVent BioPharma in a research report on Monday, March 10th. They issued a "buy" rating and a $45.00 price objective for the company. One analyst has rated the stock with a sell rating, six have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $40.00.

Institutional Investors Weigh In On ArriVent BioPharma

Several institutional investors have recently bought and sold shares of the company. Jane Street Group LLC bought a new stake in ArriVent BioPharma during the first quarter worth about $189,000. Woodline Partners LP lifted its holdings in ArriVent BioPharma by 0.4% during the 1st quarter. Woodline Partners LP now owns 146,373 shares of the company's stock worth $2,706,000 after purchasing an additional 576 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in shares of ArriVent BioPharma in the first quarter valued at about $266,000. Infinitum Asset Management LLC grew its position in shares of 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 in the last quarter. Finally, Wellington Management Group LLP increased its stake in ArriVent BioPharma by 46.3% during the 1st quarter. Wellington Management Group LLP now owns 61,348 shares of the company's stock worth $1,134,000 after acquiring an additional 19,427 shares during the period. Institutional investors own 9.48% of the company's stock.

ArriVent BioPharma Stock Up 0.2%

The stock has a 50 day moving average of $21.56 and a 200 day moving average of $23.03. The firm has a market cap of $782.01 million, a price-to-earnings ratio of -6.06 and a beta of 1.26.

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

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.