Assenagon Asset Management S.A. Acquires New Position in ArriVent BioPharma, Inc. $AVBP

Key Points

• Assenagon Asset Management acquired 67,095 ArriVent BioPharma shares worth approximately $2.03 million, representing about 0.14% of the company. Institutional investors and hedge funds collectively own 9.48% of AVBP.
• AVBP was trading at $19.12, near the lower end of its 12-month range of $11.36 to $35.83. The company reported a quarterly loss of $1.05 per share, missing estimates by $0.06.
• Analyst sentiment remains a “Moderate Buy,” with nine Buy ratings, one Hold, and one Sell; the average price target is $25.67, although several analysts recently lowered their targets.

Assenagon Asset Management S.A. bought a new position in shares of ArriVent BioPharma, Inc. (NASDAQ:AVBP - Free Report) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 67,095 shares of the company's stock, valued at approximately $2,032,000. Assenagon Asset Management S.A. owned about 0.14% of ArriVent BioPharma as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently bought and sold shares of the company. Tidal Investments LLC purchased a new stake in ArriVent BioPharma in the 2nd quarter worth approximately $1,981,000. Engineers Gate Manager LP acquired a new position in ArriVent BioPharma during the second quarter worth approximately $773,000. Arizona State Retirement System acquired a new position in ArriVent BioPharma during the second quarter worth approximately $233,000. Montanova Capital LLC increased its position in ArriVent BioPharma by 2.6% during the second quarter. Montanova Capital LLC now owns 4,515,531 shares of the company's stock worth $156,870,000 after purchasing an additional 114,448 shares during the last quarter. Finally, Wellington Management Group LLP raised its stake in ArriVent BioPharma by 28.9% during the second quarter. Wellington Management Group LLP now owns 100,855 shares of the company's stock worth $3,504,000 after purchasing an additional 22,642 shares during the period. Institutional investors and hedge funds own 9.48% of the company's stock.

ArriVent BioPharma Trading Up 1.4%

AVBP stock opened at $19.12 on Thursday. ArriVent BioPharma, Inc. has a twelve month low of $11.36 and a twelve month high of $35.83. The company has a market capitalization of $942.77 million, a P/E ratio of -5.28 and a beta of 1.34. The firm has a 50 day simple moving average of $26.58 and a 200-day simple moving average of $29.01.

ArriVent BioPharma (NASDAQ:AVBP - Get Free Report) last posted its quarterly earnings results on Wednesday, August 12th. The company reported ($1.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.99) by ($0.06). On average, research analysts predict that ArriVent BioPharma, Inc. will post -4.08 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on AVBP shares. BTIG Research reissued a "buy" rating and set a $29.00 target price on shares of ArriVent BioPharma in a research report on Friday, October 16th. JonesTrading decreased their price objective on shares of ArriVent BioPharma from $45.00 to $22.00 and set a "buy" rating for the company in a research note on Wednesday, October 7th. Weiss Ratings reissued a "sell (d-)" rating on shares of ArriVent BioPharma in a research report on Thursday, October 15th. HC Wainwright cut their target price on shares of ArriVent BioPharma from $47.00 to $27.00 and set a "buy" rating on the stock in a research note on Thursday, October 8th. Finally, Truist Financial reduced their price objective on ArriVent BioPharma from $45.00 to $18.00 and set a "buy" rating on the stock in a research note on Tuesday, October 6th. Nine investment 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. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $25.67.

ArriVent BioPharma Profile

ArriVent BioPharma, Inc is a clinical-stage biopharmaceutical company focused on developing and commercializing precision oncology therapies for patients with genetically defined cancers. The company's primary focus is on targeted treatments for non-small cell lung cancer (NSCLC), particularly tumors driven by mutations in the epidermal growth factor receptor (EGFR) gene.

ArriVent's lead product candidate is furmonertinib, an oral, irreversible EGFR tyrosine kinase inhibitor designed to target a range of EGFR mutations, including common mutations and exon 20 insertion mutations.

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