Rafferty Asset Management LLC Grows Position in ArriVent BioPharma, Inc. (NASDAQ:AVBP)

Rafferty Asset Management LLC grew its position in ArriVent BioPharma, Inc. (NASDAQ:AVBP - Free Report) by 186.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 27,299 shares of the company's stock after purchasing an additional 17,763 shares during the quarter. Rafferty Asset Management LLC owned approximately 0.08% of ArriVent BioPharma worth $727,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. purchased a new position in ArriVent BioPharma in the fourth quarter valued at $31,000. Tower Research Capital LLC TRC increased its stake in ArriVent BioPharma by 773.8% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,599 shares of the company's stock valued at $43,000 after purchasing an additional 1,416 shares during the last quarter. Virtus ETF Advisers LLC acquired a new stake in ArriVent BioPharma during the fourth quarter worth approximately $73,000. KLP Kapitalforvaltning AS purchased a new stake in shares of ArriVent BioPharma during the 4th quarter worth approximately $83,000. Finally, China Universal Asset Management Co. Ltd. acquired a new position in shares of ArriVent BioPharma in the 4th quarter valued at $190,000. 9.48% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

ArriVent BioPharma Price Performance

NASDAQ:AVBP traded down $0.36 on Wednesday, reaching $20.28. The stock had a trading volume of 29,050 shares, compared to its average volume of 182,414. ArriVent BioPharma, Inc. has a 12-month low of $15.47 and a 12-month high of $36.37. The company has a market cap of $693.67 million, a price-to-earnings ratio of -5.38 and a beta of 1.47. The firm's fifty day moving average is $19.21 and its two-hundred day moving average is $23.86.

ArriVent BioPharma (NASDAQ:AVBP - Get Free Report) last announced its earnings results 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). As a group, research analysts forecast that ArriVent BioPharma, Inc. will post -2.74 earnings per share for the current fiscal year.

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.