103,931 Shares in ArriVent BioPharma, Inc. $AVBP Acquired by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon acquired 103,931 shares of ArriVent BioPharma valued at approximately $3.6 million, while institutional investors collectively own 9.48% of the company.
• Analyst sentiment remains broadly positive, with eight Buy ratings and a consensus “Moderate Buy” rating; the average price target is $44.86 versus the stock’s reported price of $30.95.
• ArriVent reported a quarterly loss of $1.05 per share, missing the consensus estimate of a $0.99 loss, as it continues developing targeted cancer treatments including furmonertinib.

Bank of New York Mellon Corp bought a new stake in ArriVent BioPharma, Inc. (NASDAQ:AVBP - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 103,931 shares of the company's stock, valued at approximately $3,611,000. Bank of New York Mellon Corp owned approximately 0.22% of ArriVent BioPharma as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the company. Tema ETFs LLC acquired a new position in ArriVent BioPharma during the 2nd quarter worth approximately $1,981,000. Dimensional Fund Advisors LP raised its holdings in shares of ArriVent BioPharma by 758.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 126,525 shares of the company's stock valued at $2,918,000 after purchasing an additional 111,782 shares in the last quarter. Vivo Capital LLC purchased a new stake in shares of ArriVent BioPharma during the 1st quarter worth $20,438,000. Seven Fleet Capital Management LP purchased a new stake in shares of ArriVent BioPharma during the 1st quarter worth $1,159,000. Finally, Affinity Asset Advisors LLC grew its stake in shares of ArriVent BioPharma by 16.7% during the first quarter. Affinity Asset Advisors LLC now owns 175,000 shares of the company's stock worth $4,037,000 after purchasing an additional 25,000 shares in the last quarter. Hedge funds and other institutional investors own 9.48% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. HC Wainwright increased their target price on ArriVent BioPharma from $44.00 to $47.00 and gave the company a "buy" rating in a report on Monday, August 17th. Guggenheim reaffirmed a "buy" rating and set a $45.00 price target on shares of ArriVent BioPharma in a report on Thursday, August 13th. Citigroup lowered their price objective on ArriVent BioPharma from $43.00 to $40.00 and set a "buy" rating for the company in a research report on Thursday, August 13th. Weiss Ratings reiterated a "sell (d-)" rating on shares of ArriVent BioPharma in a report on Friday, July 17th. Finally, BTIG Research reissued a "buy" rating and set a $42.00 target price on shares of ArriVent BioPharma in a research report on Thursday, August 13th. Eight equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $44.86.

ArriVent BioPharma Stock Performance

Shares of NASDAQ:AVBP opened at $30.95 on Monday. The firm has a 50 day simple moving average of $31.34 and a 200-day simple moving average of $28.70. ArriVent BioPharma, Inc. has a twelve month low of $17.00 and a twelve month high of $35.83. The company has a market capitalization of $1.53 billion, a PE ratio of -8.55 and a beta of 1.35.

ArriVent BioPharma (NASDAQ:AVBP - Get Free Report) last posted its earnings results on Wednesday, August 12th. The company reported ($1.05) EPS for the quarter, missing analysts' consensus estimates of ($0.99) by ($0.06). As a group, equities research analysts predict that ArriVent BioPharma, Inc. will post -4.01 EPS for the current fiscal year.

ArriVent BioPharma 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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