Millennium Management LLC Sells 164,085 Shares of ArriVent BioPharma, Inc. (NASDAQ:AVBP)

Millennium Management LLC lessened its stake in ArriVent BioPharma, Inc. (NASDAQ:AVBP - Free Report) by 75.7% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 52,545 shares of the company's stock after selling 164,085 shares during the quarter. Millennium Management LLC owned 0.16% of ArriVent BioPharma worth $1,400,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in ArriVent BioPharma by 8.4% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,114 shares of the company's stock worth $456,000 after acquiring an additional 1,327 shares in the last quarter. Deutsche Bank AG grew its position in ArriVent BioPharma by 57.4% in the fourth quarter. Deutsche Bank AG now owns 24,136 shares of the company's stock worth $643,000 after acquiring an additional 8,805 shares in the last quarter. Bank of America Corp DE grew its position in ArriVent BioPharma by 5.3% in the fourth quarter. Bank of America Corp DE now owns 45,544 shares of the company's stock worth $1,213,000 after acquiring an additional 2,279 shares in the last quarter. Novo Holdings A S grew its position in ArriVent BioPharma by 1.0% in the fourth quarter. Novo Holdings A S now owns 1,520,627 shares of the company's stock worth $40,510,000 after acquiring an additional 15,312 shares in the last quarter. Finally, Northern Trust Corp grew its position in ArriVent BioPharma by 4.6% in the fourth quarter. Northern Trust Corp now owns 241,009 shares of the company's stock worth $6,420,000 after acquiring an additional 10,498 shares in the last quarter. Institutional investors and hedge funds own 9.48% of the company's stock.

ArriVent BioPharma Stock Up 0.2%

NASDAQ AVBP traded up $0.05 during trading on Friday, hitting $23.52. The company's stock had a trading volume of 219,200 shares, compared to its average volume of 195,635. The firm has a 50 day moving average price of $19.73 and a 200 day moving average price of $23.48. The firm has a market cap of $804.69 million, a P/E ratio of -6.24 and a beta of 1.26. 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 issued its quarterly earnings results on Monday, May 12th. The company reported ($1.90) earnings per share for the quarter, missing analysts' consensus estimates of ($0.66) by ($1.24). On average, equities analysts expect that ArriVent BioPharma, Inc. will post -2.74 earnings per share for the current year.

Wall Street Analyst Weigh In

AVBP has been the subject of several recent research reports. Guggenheim initiated coverage on shares of ArriVent BioPharma in a research report on Monday, March 10th. They issued a "buy" rating and a $45.00 target price for the company. Jones Trading initiated coverage on shares of ArriVent BioPharma in a research report on Tuesday, May 20th. They issued a "buy" rating and a $40.00 target price for the company. B. Riley initiated coverage on shares of ArriVent BioPharma in a research report on Thursday, March 20th. They issued a "buy" rating and a $37.00 target price for the company. Wall Street Zen downgraded shares of ArriVent BioPharma from a "hold" rating to a "strong sell" rating in a report on Thursday, May 22nd. Finally, HC Wainwright upped their price objective on shares of ArriVent BioPharma from $39.00 to $40.00 and gave the stock a "buy" rating in a report on Wednesday, May 14th. One investment analyst has rated the stock with a sell rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, ArriVent BioPharma has a consensus rating of "Moderate Buy" and an average target price of $39.29.

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.