ArriVent BioPharma (NASDAQ:AVBP) Stock Price Up 5.6% - Here's What Happened

Key Points

• Shares of ArriVent BioPharma rose 5.6% during mid-day trading to about $26.66 (intraday high $26.62) on roughly 164,164 shares traded, a 67% decline from its average daily volume.
• Analyst sentiment is broadly positive with two "Strong Buy", eight "Buy", one "Hold" and one "Sell", giving an average rating of "Moderate Buy" and an average price target of $41.67; recent upgrades include HC Wainwright raising its target to $44 and Truist issuing a "strong-buy".
• ArriVent is a clinical-stage biopharma developing targeted cancer therapies (notably furmonertinib for EGFR-mutant NSCLC); the company has a market cap of $1.18B and reported Q1 EPS of -$0.78, beating estimates by $0.09 while FY EPS is projected at -2.74.

ArriVent BioPharma, Inc. (NASDAQ:AVBP - Get Free Report) shares rose 5.6% during mid-day trading on Thursday . The stock traded as high as $26.62 and last traded at $26.6570. Approximately 164,164 shares were traded during trading, a decline of 67% from the average daily volume of 491,476 shares. The stock had previously closed at $25.25.

Analysts Set New Price Targets

AVBP has been the topic of several recent analyst reports. HC Wainwright upped their price objective on shares of ArriVent BioPharma from $42.00 to $44.00 and gave the company a "buy" rating in a report on Friday, March 6th. BTIG Research assumed coverage on shares of ArriVent BioPharma in a report on Thursday, March 12th. They issued a "buy" rating and a $42.00 price target on the stock. Truist Financial upgraded shares of ArriVent BioPharma to a "strong-buy" rating in a report on Wednesday, March 25th. Cantor Fitzgerald assumed coverage on shares of ArriVent BioPharma in a report on Monday, December 22nd. They issued an "overweight" rating on the stock. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of ArriVent BioPharma in a report on Wednesday, January 21st. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $41.67.

ArriVent BioPharma Stock Performance

The company's fifty day moving average is $23.20 and its two-hundred day moving average is $21.63. The company has a market cap of $1.18 billion, a price-to-earnings ratio of -6.09 and a beta of 0.85.

ArriVent BioPharma (NASDAQ:AVBP - Get Free Report) last issued its quarterly earnings results on Thursday, March 5th. The company reported ($0.78) earnings per share for the quarter, topping the consensus estimate of ($0.87) by $0.09. On average, sell-side analysts anticipate that ArriVent BioPharma, Inc. will post -2.74 EPS for the current fiscal year.

Institutional Investors Weigh In On ArriVent BioPharma

A number of hedge funds and other institutional investors have recently made changes to their positions in AVBP. AIHC Capital Management Ltd acquired a new stake in shares of ArriVent BioPharma during the 4th quarter worth approximately $12,973,000. Vanguard Group Inc. grew its stake in shares of ArriVent BioPharma by 36.8% during the 3rd quarter. Vanguard Group Inc. now owns 2,029,531 shares of the company's stock worth $37,445,000 after purchasing an additional 545,991 shares during the period. Fund 1 Investments LLC acquired a new stake in shares of ArriVent BioPharma during the 2nd quarter worth approximately $11,503,000. UBS Group AG grew its stake in shares of ArriVent BioPharma by 474.7% during the 3rd quarter. UBS Group AG now owns 497,601 shares of the company's stock worth $9,181,000 after purchasing an additional 411,013 shares during the period. Finally, Suvretta Capital Management LLC grew its stake in shares of ArriVent BioPharma by 10.9% during the 4th quarter. Suvretta Capital Management LLC now owns 4,106,035 shares of the company's stock worth $82,613,000 after purchasing an additional 402,583 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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