ArriVent BioPharma (NASDAQ:AVBP) Upgraded to Strong-Buy at Truist Financial

Key Points

• Truist Financial upgraded ArriVent to a strong-buy, and multiple analysts have raised price targets — the consensus rating is a Moderate Buy with an average target of $41.67.
• AVBP shares opened at $22.75 (52‑week range $15.47–$27.22) with a market cap of $1.01 billion and a negative P/E; the company reported Q EPS of ($0.78) beating estimates and analysts forecast -2.74 EPS for the current fiscal year.
• ArriVent is a clinical‑stage oncology biotech developing targeted therapies for NSCLC, most notably Furmonertinib, which is in multiple trials including a phase 3 study for metastatic EGFR‑mutant NSCLC.

ArriVent BioPharma (NASDAQ:AVBP - Get Free Report) was upgraded by analysts at Truist Financial to a "strong-buy" rating in a research report issued on Wednesday,Zacks.com reports.

A number of other equities analysts have also weighed in on AVBP. Citigroup upped their price objective on ArriVent BioPharma from $31.00 to $33.00 and gave the stock a "buy" rating in a research note on Friday, March 6th. HC Wainwright lifted their target price on ArriVent BioPharma from $42.00 to $44.00 and gave the company a "buy" rating in a research note on Friday, March 6th. Oppenheimer reissued an "outperform" rating and issued a $50.00 price target (up from $44.00) on shares of ArriVent BioPharma in a report on Friday, March 6th. Cantor Fitzgerald began coverage on ArriVent BioPharma in a research note on Monday, December 22nd. They issued an "overweight" rating for the company. Finally, Weiss Ratings reaffirmed 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 assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $41.67.

ArriVent BioPharma Price Performance

Shares of AVBP stock opened at $22.75 on Wednesday. ArriVent BioPharma has a one year low of $15.47 and a one year high of $27.22. The company's fifty day moving average price is $23.00 and its 200-day moving average price is $21.29. The company has a market capitalization of $1.01 billion, a price-to-earnings ratio of -5.16 and a beta of 0.99.

ArriVent BioPharma (NASDAQ:AVBP - Get Free Report) last issued its 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. Equities research analysts expect that ArriVent BioPharma will post -2.74 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ArriVent BioPharma

Several large investors have recently made changes to their positions in AVBP. Infinitum Asset Management LLC lifted its position in shares of ArriVent BioPharma by 6.6% in the fourth quarter. Infinitum Asset Management LLC now owns 4,123,923 shares of the company's stock worth $82,973,000 after buying an additional 255,000 shares in the last quarter. Suvretta Capital Management LLC grew its holdings in ArriVent BioPharma by 10.9% during the 4th quarter. Suvretta Capital Management LLC now owns 4,106,035 shares of the company's stock valued at $82,613,000 after buying an additional 402,583 shares in the last quarter. Vanguard Group Inc. increased its stake in ArriVent BioPharma by 36.8% in the 3rd quarter. Vanguard Group Inc. now owns 2,029,531 shares of the company's stock worth $37,445,000 after acquiring an additional 545,991 shares during the last quarter. State Street Corp increased its stake in ArriVent BioPharma by 6.3% in the 4th quarter. State Street Corp now owns 1,091,980 shares of the company's stock worth $21,971,000 after acquiring an additional 64,352 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of ArriVent BioPharma by 5.2% during the 4th quarter. Geode Capital Management LLC now owns 753,519 shares of the company's stock worth $15,164,000 after acquiring an additional 37,231 shares in the last quarter. 9.48% of the stock is owned by institutional investors.

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. 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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