ArriVent BioPharma (NASDAQ:AVBP) Trading 6.7% Higher - Should You Buy?

ArriVent BioPharma, Inc. (NASDAQ:AVBP - Get Free Report)'s stock price traded up 6.7% during mid-day trading on Thursday . The stock traded as high as $21.40 and last traded at $21.38. 108,219 shares changed hands during mid-day trading, a decline of 41% from the average session volume of 183,922 shares. The stock had previously closed at $20.04.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on AVBP shares. HC Wainwright boosted their price target on ArriVent BioPharma from $39.00 to $40.00 and gave the stock a "buy" rating in a research report on Wednesday, May 14th. Guggenheim initiated coverage on ArriVent BioPharma in a research note on Monday, March 10th. They set a "buy" rating and a $45.00 target price for the company. Wall Street Zen cut ArriVent BioPharma from a "hold" rating to a "strong sell" rating in a research note on Thursday, May 22nd. B. Riley began coverage on ArriVent BioPharma in a report on Thursday, March 20th. They set a "buy" rating and a $37.00 price target for the company. Finally, Jones Trading began coverage on shares of ArriVent BioPharma in a report on Tuesday, May 20th. They issued a "buy" rating and a $40.00 price objective on the stock. One investment 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 stock. Based on data from MarketBeat.com, ArriVent BioPharma currently has a consensus rating of "Moderate Buy" and an average price target of $39.29.

ArriVent BioPharma Stock Up 3.5%

The firm has a market capitalization of $752.69 million, a price-to-earnings ratio of -5.84 and a beta of 1.47. The company's 50 day moving average is $19.28 and its 200 day moving average is $23.57.

ArriVent BioPharma (NASDAQ:AVBP - Get Free Report) last posted 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). On average, analysts expect that ArriVent BioPharma, Inc. will post -2.74 EPS for the current year.

Hedge Funds Weigh In On ArriVent BioPharma

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Jane Street Group LLC bought a new position in ArriVent BioPharma in the 1st quarter valued at about $189,000. Woodline Partners LP grew its position 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 acquiring an additional 576 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in shares of ArriVent BioPharma in the first quarter valued at approximately $266,000. Infinitum Asset Management LLC raised its stake in shares of ArriVent BioPharma by 25.7% during the first quarter. Infinitum Asset Management LLC now owns 2,066,238 shares of the company's stock valued at $38,205,000 after acquiring an additional 422,315 shares during the last quarter. Finally, Wellington Management Group LLP lifted its holdings 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 buying an additional 19,427 shares during the period. 9.48% of the stock is owned by institutional investors and hedge funds.

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.