ArriVent BioPharma (NASDAQ:AVBP) Stock Price Down 5.9% - Here's Why

Key Points

• ArriVent BioPharma shares fell 5.9% in Monday trading, dropping to as low as $31.62 before last trading around $31.25. Trading volume was well below normal, at 158,693 shares versus an average of 520,725.
• Analyst sentiment remains mostly positive despite the decline, with one Strong Buy, six Buy, one Hold, and one Sell rating. The stock’s average analyst target price is $44.83, though Weiss Ratings recently reiterated a sell rating and Citigroup trimmed its target from $45 to $43.
• The company reported a wider-than-expected quarterly loss in its latest earnings release, posting EPS of -$0.96 versus expectations of -$0.88. ArriVent is a clinical-stage biotech focused on cancer therapies, including Furmonertinib for NSCLC.

ArriVent BioPharma, Inc. (NASDAQ:AVBP - Get Free Report)'s stock price was down 5.9% during mid-day trading on Monday . The stock traded as low as $31.62 and last traded at $31.2480. 158,693 shares were traded during trading, a decline of 70% from the average daily volume of 520,725 shares. The stock had previously closed at $33.19.

Analyst Ratings Changes

Several brokerages have recently weighed in on AVBP. Cantor Fitzgerald reissued an "overweight" rating on shares of ArriVent BioPharma in a research report on Friday, May 22nd. Citigroup lowered their price target on ArriVent BioPharma from $45.00 to $43.00 and set a "buy" rating for the company in a report on Wednesday, May 13th. B. Riley Financial increased their price target on shares of ArriVent BioPharma from $37.00 to $45.00 and gave the company a "buy" rating in a research note on Monday, March 23rd. Truist Financial raised their price objective on shares of ArriVent BioPharma from $43.00 to $45.00 and gave the stock a "buy" rating in a report on Friday, May 29th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of ArriVent BioPharma in a research report on Friday. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, ArriVent BioPharma presently has an average rating of "Moderate Buy" and an average target price of $44.83.

ArriVent BioPharma Stock Performance

The stock has a market cap of $1.41 billion, a price-to-earnings ratio of -8.72 and a beta of 1.29. The company has a 50-day moving average of $31.04 and a 200-day moving average of $26.57.

ArriVent BioPharma (NASDAQ:AVBP - Get Free Report) last released its earnings results on Monday, May 11th. The company reported ($0.96) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.88) by ($0.08). As a group, equities research analysts forecast that ArriVent BioPharma, Inc. will post -3.9 EPS for the current year.

Institutional Investors Weigh In On ArriVent BioPharma

A number of hedge funds have recently added to or reduced their stakes in the company. Tema Etfs LLC acquired a new position in ArriVent BioPharma during the fourth quarter worth $644,000. AIHC Capital Management Ltd purchased a new stake in shares of ArriVent BioPharma during the 4th quarter worth $12,973,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of ArriVent BioPharma by 45.6% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,743 shares of the company's stock worth $95,000 after purchasing an additional 1,485 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of ArriVent BioPharma by 27.9% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,006 shares of the company's stock valued at $40,000 after purchasing an additional 438 shares in the last quarter. Finally, SG Americas Securities LLC lifted its stake in shares of ArriVent BioPharma by 39.2% in the fourth quarter. SG Americas Securities LLC now owns 51,437 shares of the company's stock valued at $1,035,000 after purchasing an additional 14,495 shares during the period. Institutional investors and hedge funds 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. 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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