ArriVent BioPharma (NASDAQ:AVBP) Trading 4.9% Higher - Here's Why

ArriVent BioPharma, Inc. (NASDAQ:AVBP - Get Free Report)'s stock price shot up 4.9% during trading on Monday . The company traded as high as $18.83 and last traded at $19.03. 44,991 shares traded hands during trading, a decline of 73% from the average session volume of 169,312 shares. The stock had previously closed at $18.14.

Wall Street Analyst Weigh In

AVBP has been the subject of several analyst reports. B. Riley assumed coverage on shares of ArriVent BioPharma in a research report on Thursday, March 20th. They set a "buy" rating and a $37.00 price target for the company. HC Wainwright reissued a "buy" rating and issued a $39.00 target price on shares of ArriVent BioPharma in a report on Friday, March 7th. Finally, Guggenheim started coverage on ArriVent BioPharma in a report on Monday, March 10th. They set a "buy" rating and a $45.00 price target on the stock. Five research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $39.00.

ArriVent BioPharma Price Performance

The firm has a market capitalization of $708.21 million, a PE ratio of -8.10 and a beta of 1.66. The company has a 50-day moving average price of $20.37 and a 200 day moving average price of $25.46.

ArriVent BioPharma (NASDAQ:AVBP - Get Free Report) last announced its quarterly earnings data on Monday, March 3rd. The company reported ($0.60) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.78) by $0.18. As a group, research analysts anticipate that ArriVent BioPharma, Inc. will post -2.74 earnings per share for the current year.

Institutional Investors Weigh In On ArriVent BioPharma

A number of hedge funds have recently bought and sold shares of AVBP. Barclays PLC increased its holdings in shares of ArriVent BioPharma by 1,124.8% in the 3rd quarter. Barclays PLC now owns 41,522 shares of the company's stock worth $976,000 after buying an additional 38,132 shares during the last quarter. Geode Capital Management LLC grew its position in ArriVent BioPharma by 154.2% in the third quarter. Geode Capital Management LLC now owns 597,165 shares of the company's stock worth $14,036,000 after acquiring an additional 362,221 shares in the last quarter. JPMorgan Chase & Co. increased its stake in ArriVent BioPharma by 183.2% during the third quarter. JPMorgan Chase & Co. now owns 12,445 shares of the company's stock worth $292,000 after acquiring an additional 8,050 shares during the last quarter. China Universal Asset Management Co. Ltd. purchased a new stake in ArriVent BioPharma during the fourth quarter valued at approximately $190,000. Finally, Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of ArriVent BioPharma in the 4th quarter valued at approximately $31,000. Hedge funds and other institutional investors own 9.48% of the company's stock.

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.