General Catalyst Group Management LLC Buys Shares of 1,494,786 ArriVent BioPharma, Inc. $AVBP

Key Points

• General Catalyst Group Management bought 1,494,786 ArriVent BioPharma shares worth approximately $51.9 million, making AVBP its largest portfolio holding and representing about 3.21% of the company.
• Other institutional investors also increased their positions, with hedge funds and other institutions collectively owning 9.48% of AVBP.
• AVBP shares opened at $31.00 after the company reported a quarterly loss of $1.05 per share, missing estimates. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $44.86.

General Catalyst Group Management LLC bought 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 SEC. The firm bought 1,494,786 shares of the company's stock, valued at approximately $51,929,000. ArriVent BioPharma makes up approximately 27.5% of General Catalyst Group Management LLC's investment portfolio, making the stock its largest holding. General Catalyst Group Management LLC owned about 3.21% of ArriVent BioPharma as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of AVBP. Tema ETFs LLC bought a new stake in ArriVent BioPharma in the 2nd quarter worth about $1,981,000. Dimensional Fund Advisors LP lifted its stake in ArriVent BioPharma by 758.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 126,525 shares of the company's stock valued at $2,918,000 after acquiring an additional 111,782 shares during the period. Vivo Capital LLC bought a new position in ArriVent BioPharma during the 1st quarter valued at about $20,438,000. Affinity Asset Advisors LLC boosted its holdings in shares of ArriVent BioPharma by 16.7% during the 1st quarter. Affinity Asset Advisors LLC now owns 175,000 shares of the company's stock valued at $4,037,000 after acquiring an additional 25,000 shares during the last quarter. Finally, E Fund Management Co. Ltd. purchased a new stake in shares of ArriVent BioPharma during the 2nd quarter valued at about $3,798,000. Hedge funds and other institutional investors own 9.48% of the company's stock.

ArriVent BioPharma Stock Down 0.4%

Shares of NASDAQ:AVBP opened at $31.00 on Friday. The firm's 50 day moving average price is $31.65 and its 200-day moving average price is $28.33. ArriVent BioPharma, Inc. has a twelve month low of $17.00 and a twelve month high of $35.83. The stock has a market capitalization of $1.53 billion, a PE ratio of -8.56 and a beta of 1.36.

ArriVent BioPharma (NASDAQ:AVBP - Get Free Report) last posted its quarterly earnings data 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). Analysts expect that ArriVent BioPharma, Inc. will post -4.01 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on AVBP. Weiss Ratings restated a "sell (d-)" rating on shares of ArriVent BioPharma in a research report on Friday, July 17th. Citigroup cut 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. Guggenheim reiterated a "buy" rating and set a $45.00 target price on shares of ArriVent BioPharma in a research note on Thursday, August 13th. BTIG Research reissued a "buy" rating and set a $42.00 price target on shares of ArriVent BioPharma in a report on Thursday, August 13th. Finally, Cantor Fitzgerald restated an "overweight" rating on shares of ArriVent BioPharma in a research note on Friday, May 22nd. Eight equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $44.86.

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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