BlackRock Inc. Makes New $112.92 Million Investment in ArriVent BioPharma, Inc. $AVBP

Key Points

• BlackRock acquired 3.25 million ArriVent BioPharma shares during the second quarter, worth approximately $112.9 million and representing a 6.98% stake. Institutional investors collectively own 9.48% of the company.
• AVBP shares were trading at $30.17, down 2.7%, after the company reported a quarterly loss of $1.05 per share—$0.06 worse than analysts’ expectations.
• Analysts remain generally optimistic, with a consensus “Moderate Buy” rating and an average price target of $44.86, despite mixed individual recommendations and the company’s clinical-stage risk profile.

BlackRock Inc. acquired a new position in shares of ArriVent BioPharma, Inc. (NASDAQ:AVBP - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 3,250,396 shares of the company's stock, valued at approximately $112,919,000. BlackRock Inc. owned 6.98% of ArriVent BioPharma at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Russell Investments Group Ltd. increased its holdings in shares of ArriVent BioPharma by 9,747.6% during the 3rd quarter. Russell Investments Group Ltd. now owns 2,068 shares of the company's stock worth $38,000 after purchasing an additional 2,047 shares during the period. BNP Paribas Financial Markets lifted its holdings in shares of ArriVent BioPharma by 31.0% during the second quarter. BNP Paribas Financial Markets now owns 2,571 shares of the company's stock valued at $56,000 after acquiring an additional 609 shares during the period. Group One Trading LLC acquired a new position in ArriVent BioPharma in the fourth quarter valued at about $57,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in ArriVent BioPharma by 696.6% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,258 shares of the company's stock worth $60,000 after acquiring an additional 2,849 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of ArriVent BioPharma by 45.6% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,743 shares of the company's stock worth $95,000 after purchasing an additional 1,485 shares during the last quarter. Institutional investors and hedge funds own 9.48% of the company's stock.

ArriVent BioPharma Trading Down 2.7%

NASDAQ AVBP opened at $30.17 on Friday. ArriVent BioPharma, Inc. has a 12 month low of $17.00 and a 12 month high of $35.83. The stock has a 50-day simple moving average of $31.62 and a 200 day simple moving average of $28.35. The company has a market capitalization of $1.49 billion, a PE ratio of -8.33 and a beta of 1.36.

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

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on AVBP shares. HC Wainwright upped their price target on shares of ArriVent BioPharma from $44.00 to $47.00 and gave the stock a "buy" rating in a research report on Monday, August 17th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of ArriVent BioPharma in a research note on Friday, July 17th. Cantor Fitzgerald reiterated an "overweight" rating on shares of ArriVent BioPharma in a research report on Friday, May 22nd. Truist Financial raised their price target on shares of ArriVent BioPharma from $43.00 to $45.00 and gave the company a "buy" rating in a report on Friday, May 29th. Finally, Citigroup reduced their price objective on ArriVent BioPharma from $43.00 to $40.00 and set a "buy" rating on the stock in a report on Thursday, August 13th. Eight investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $44.86.

About ArriVent BioPharma

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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