174,866 Shares of ArriVent BioPharma, Inc. $AVBP Acquired by Bank of America Corp DE

Key Points

• Bank of America acquired 174,866 shares of ArriVent BioPharma in the second quarter, valued at approximately $6.1 million and representing about 0.38% of the company. Institutional investors collectively own 9.48% of AVBP.
• ArriVent reported a quarterly loss of $1.05 per share, missing analysts’ $0.99 loss estimate. The stock recently traded at $28.45, compared with a 52-week range of $17.00 to $35.83.
• Analyst sentiment remains positive overall, with eight Buy ratings, one Hold and one Sell; the consensus rating is Moderate Buy with an average price target of $44.86.

Bank of America Corp DE acquired a new position in ArriVent BioPharma, Inc. (NASDAQ:AVBP - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 174,866 shares of the company's stock, valued at approximately $6,075,000. Bank of America Corp DE owned approximately 0.38% of ArriVent BioPharma as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of AVBP. Hhlr Advisors LTD. purchased a new position in ArriVent BioPharma in the second quarter worth $136,498,000. BlackRock Inc. purchased a new stake in ArriVent BioPharma during the 2nd quarter valued at about $112,919,000. Vivo Capital LLC acquired a new position in ArriVent BioPharma in the 1st quarter worth approximately $20,438,000. ADAR1 Capital Management LLC acquired a new stake in shares of ArriVent BioPharma in the first quarter worth $3,272,000. Finally, Dimensional Fund Advisors LP grew its position in ArriVent BioPharma by 758.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 126,525 shares of the company's stock worth $2,918,000 after purchasing an additional 111,782 shares during the period. 9.48% of the stock is currently owned by institutional investors.

ArriVent BioPharma Stock Performance

Shares of AVBP opened at $28.45 on Monday. ArriVent BioPharma, Inc. has a 1 year low of $17.00 and a 1 year high of $35.83. The stock has a market capitalization of $1.40 billion, a PE ratio of -7.86 and a beta of 1.35. The company's 50-day simple moving average is $29.98 and its 200-day simple moving average is $29.28.

ArriVent BioPharma (NASDAQ:AVBP - Get Free Report) last posted its quarterly earnings results on Wednesday, August 12th. The company reported ($1.05) EPS for the quarter, missing the consensus estimate of ($0.99) by ($0.06). On average, sell-side analysts predict that ArriVent BioPharma, Inc. will post -4.01 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts have recently commented on AVBP shares. Guggenheim reaffirmed a "buy" rating and set a $45.00 price objective on shares of ArriVent BioPharma in a research note on Thursday, August 13th. Weiss Ratings reiterated a "sell (d-)" rating on shares of ArriVent BioPharma in a research note on Friday, July 17th. Citigroup reduced their target price on shares of ArriVent BioPharma from $43.00 to $40.00 and set a "buy" rating for the company in a research report on Thursday, August 13th. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of ArriVent BioPharma in a report on Tuesday, September 22nd. Finally, BTIG Research reaffirmed a "buy" rating and set a $42.00 target price on shares of ArriVent BioPharma in a research note on Thursday, August 13th. Eight analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $44.86.

ArriVent BioPharma Company Profile

ArriVent BioPharma, Inc is a clinical-stage biopharmaceutical company focused on developing precision oncology medicines for patients with genetically defined cancers. The company's strategy is to identify promising therapies that have been developed or clinically validated in other markets and advance them through global development programs.

ArriVent's lead product candidate is furmonertinib, an oral, irreversible epidermal growth factor receptor (EGFR) tyrosine kinase inhibitor. The company is evaluating furmonertinib as a potential treatment for patients with EGFR-mutated non-small cell lung cancer, including tumors with EGFR exon 20 insertion mutations and other EGFR alterations.

ArriVent obtained exclusive development and commercialization rights for furmonertinib outside China through a collaboration with Allist Pharmaceuticals.

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