ArriVent BioPharma, Inc. $AVBP Shares Sold by Goldman Sachs Group Inc.

Key Points

• Goldman Sachs Group Inc. reduced its stake in ArriVent BioPharma by 62.9%, owning 76,877 shares worth approximately $1.42 million at the end of the 1st quarter.
• Despite a quarterly earnings miss, several research firms have updated their ratings on ArriVent BioPharma, with most recommending a "buy" and setting target prices around $33.00 to $45.00.
• ArriVent BioPharma's stock is currently trading at $17.65, with a market capitalization of $716.06 million and a P/E ratio of -4.39.

Goldman Sachs Group Inc. lowered its stake in ArriVent BioPharma, Inc. (NASDAQ:AVBP - Free Report) by 62.9% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 76,877 shares of the company's stock after selling 130,392 shares during the quarter. Goldman Sachs Group Inc. owned 0.22% of ArriVent BioPharma worth $1,421,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Jane Street Group LLC acquired a new position in ArriVent BioPharma in the 1st quarter valued at about $189,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new position in ArriVent BioPharma in the fourth quarter worth $218,000. ProShare Advisors LLC purchased a new position in ArriVent BioPharma in the fourth quarter worth $254,000. Dynamic Technology Lab Private Ltd purchased a new position in shares of ArriVent BioPharma in the first quarter valued at $266,000. Finally, California State Teachers Retirement System increased its position in ArriVent BioPharma by 561.3% during the 4th quarter. California State Teachers Retirement System now owns 13,649 shares of the company's stock worth $364,000 after purchasing an additional 11,585 shares in the last quarter. Hedge funds and other institutional investors own 9.48% of the company's stock.

ArriVent BioPharma Trading Down 5.0%

AVBP stock traded down $0.93 during midday trading on Friday, reaching $17.65. 1,516,760 shares of the company's stock traded hands, compared to its average volume of 343,800. The company has a 50-day moving average price of $19.63 and a two-hundred day moving average price of $20.27. ArriVent BioPharma, Inc. has a 52 week low of $15.47 and a 52 week high of $36.37.

ArriVent BioPharma (NASDAQ:AVBP - Get Free Report) last posted its quarterly earnings results on Monday, August 11th. The company reported ($0.90) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.70) by ($0.20). As a group, analysts anticipate that ArriVent BioPharma, Inc. will post -2.74 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts have recently weighed in on AVBP shares. B. Riley raised ArriVent BioPharma to a "strong-buy" rating in a research note on Monday, August 25th. Zacks Research upgraded ArriVent BioPharma from a "strong sell" rating to a "hold" rating in a research report on Monday, August 18th. Citigroup restated a "buy" rating and issued a $33.00 price objective (down previously from $40.00) on shares of ArriVent BioPharma in a report on Tuesday, August 12th. HC Wainwright reissued a "buy" rating and set a $42.00 price target (up from $40.00) on shares of ArriVent BioPharma in a research report on Tuesday, August 12th. Finally, Guggenheim restated a "buy" rating and issued a $45.00 target price on shares of ArriVent BioPharma in a research note on Tuesday, June 24th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $39.14.

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.