Infinitum Asset Management LLC Makes New Investment in ArriVent BioPharma, Inc. (NASDAQ:AVBP)

Infinitum Asset Management LLC purchased a new stake in shares of ArriVent BioPharma, Inc. (NASDAQ:AVBP - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,643,923 shares of the company's stock, valued at approximately $43,794,000. ArriVent BioPharma makes up about 23.1% of Infinitum Asset Management LLC's portfolio, making the stock its 2nd largest holding. Infinitum Asset Management LLC owned approximately 4.88% of ArriVent BioPharma as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently added to or reduced their stakes in the company. MetLife Investment Management LLC raised its stake in shares of ArriVent BioPharma by 6.8% in the fourth quarter. MetLife Investment Management LLC now owns 17,460 shares of the company's stock worth $465,000 after purchasing an additional 1,110 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of ArriVent BioPharma during the fourth quarter valued at $31,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in ArriVent BioPharma by 8.4% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,114 shares of the company's stock worth $456,000 after buying an additional 1,327 shares in the last quarter. Tower Research Capital LLC TRC raised its position in ArriVent BioPharma by 773.8% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,599 shares of the company's stock worth $43,000 after buying an additional 1,416 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its stake in ArriVent BioPharma by 17.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 10,965 shares of the company's stock valued at $293,000 after acquiring an additional 1,620 shares during the period. 9.48% of the stock is currently owned by hedge funds and other institutional investors.

ArriVent BioPharma Stock Up 4.8%

AVBP traded up $0.96 during midday trading on Thursday, reaching $21.00. The company had a trading volume of 577,312 shares, compared to its average volume of 185,585. The business has a 50-day moving average of $19.22 and a two-hundred day moving average of $23.84. ArriVent BioPharma, Inc. has a 1 year low of $15.47 and a 1 year high of $36.37. The company has a market cap of $718.47 million, a P/E ratio of -5.57 and a beta of 1.47.

ArriVent BioPharma (NASDAQ:AVBP - Get Free Report) last announced its quarterly earnings data on Monday, May 12th. The company reported ($1.90) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.66) by ($1.24). On average, equities research analysts predict that ArriVent BioPharma, Inc. will post -2.74 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on AVBP shares. Jones Trading started coverage on shares of ArriVent BioPharma in a report on Tuesday, May 20th. They set a "buy" rating and a $40.00 price target on the stock. Guggenheim started coverage on shares of ArriVent BioPharma in a report on Monday, March 10th. They issued a "buy" rating and a $45.00 target price on the stock. B. Riley began coverage on shares of ArriVent BioPharma in a research note on Thursday, March 20th. They set a "buy" rating and a $37.00 target price for the company. HC Wainwright raised their price target on ArriVent BioPharma from $39.00 to $40.00 and gave the stock a "buy" rating in a research note on Wednesday, May 14th. Finally, Wall Street Zen lowered ArriVent BioPharma from a "hold" rating to a "strong sell" rating in a report on Thursday, May 22nd. One research analyst has rated the stock with a sell rating, six have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $39.29.

ArriVent BioPharma 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.