ArriVent BioPharma (NASDAQ:AVBP) Trading Down 4.3% After Earnings Miss

Key Points

• Shares of ArriVent BioPharma (NASDAQ:AVBP) dropped 4.3% after reporting quarterly earnings of ($0.90) per share, which missed analysts' expectations of ($0.70) by ($0.20).
• The company's stock now has an average rating of "Moderate Buy", with a consensus target price set at $39.14, despite recent ratings changes from several analysts.
• Institutional investors are actively adjusting their positions, with notable increases in holdings reported by Vanguard Group Inc. and JPMorgan Chase & Co. during the fourth quarter.

ArriVent BioPharma, Inc. (NASDAQ:AVBP - Get Free Report) shares dropped 4.3% during trading on Tuesday following a dissappointing earnings announcement. The stock traded as low as $16.11 and last traded at $16.64. Approximately 108,298 shares changed hands during trading, a decline of 57% from the average daily volume of 253,462 shares. The stock had previously closed at $17.39.

The company reported ($0.90) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.70) by ($0.20).

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. The Goldman Sachs Group upgraded shares of ArriVent BioPharma to a "buy" rating and set a $33.00 target price on the stock in a report on Thursday, July 10th. Oppenheimer reiterated an "outperform" rating and issued a $44.00 price target (up previously from $39.00) on shares of ArriVent BioPharma in a research report on Tuesday, June 24th. Wall Street Zen cut ArriVent BioPharma from a "hold" rating to a "strong sell" rating in a research note on Thursday, May 22nd. Jones Trading started coverage on ArriVent BioPharma in a research note on Tuesday, May 20th. They issued a "buy" rating and a $40.00 price objective for the company. Finally, Guggenheim reissued a "buy" rating and set a $45.00 target price on shares of ArriVent BioPharma in a research report on Tuesday, June 24th. One research analyst has rated the stock with a sell rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, ArriVent BioPharma has a consensus rating of "Moderate Buy" and a consensus price target of $39.14.

Hedge Funds Weigh In On ArriVent BioPharma

Several large investors have recently modified their holdings of the stock. Tower Research Capital LLC TRC increased its position in shares of ArriVent BioPharma by 571.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 6,669 shares of the company's stock valued at $145,000 after purchasing an additional 5,676 shares during the last quarter. Fund 1 Investments LLC purchased a new stake in shares of ArriVent BioPharma in the 2nd quarter worth $11,503,000. BNP Paribas Financial Markets lifted its holdings in shares of ArriVent BioPharma by 31.0% in the 2nd quarter. BNP Paribas Financial Markets now owns 2,571 shares of the company's stock worth $56,000 after buying an additional 609 shares during the period. Brevan Howard Capital Management LP purchased a new stake in shares of ArriVent BioPharma in the 2nd quarter worth $209,000. Finally, Bank of America Corp DE lifted its holdings in shares of ArriVent BioPharma by 5.0% in the 2nd quarter. Bank of America Corp DE now owns 30,747 shares of the company's stock worth $669,000 after buying an additional 1,462 shares during the period. Institutional investors own 9.48% of the company's stock.

ArriVent BioPharma Stock Performance

The firm has a market capitalization of $792.33 million, a PE ratio of -4.86 and a beta of 1.17. The company has a fifty day simple moving average of $21.40 and a two-hundred day simple moving average of $21.53.

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.