Rafferty Asset Management LLC Acquires 17,763 Shares of ArriVent BioPharma, Inc. (NASDAQ:AVBP)

Rafferty Asset Management LLC lifted its position in shares of ArriVent BioPharma, Inc. (NASDAQ:AVBP - Free Report) by 186.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 27,299 shares of the company's stock after acquiring 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 large investors have also made changes to their positions in AVBP. Mirae Asset Global Investments Co. Ltd. bought a new stake in ArriVent BioPharma during the 4th quarter worth about $31,000. Tower Research Capital LLC TRC raised its stake in shares of ArriVent BioPharma by 773.8% during the fourth 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. Virtus ETF Advisers LLC acquired a new position in ArriVent BioPharma in the fourth quarter valued at approximately $73,000. KLP Kapitalforvaltning AS acquired a new position in ArriVent BioPharma in the fourth quarter valued at approximately $83,000. Finally, China Universal Asset Management Co. Ltd. bought a new position in ArriVent BioPharma in the fourth quarter valued at approximately $190,000. Institutional investors and hedge funds own 9.48% of the company's stock.

ArriVent BioPharma Stock Down 1.1%

ArriVent BioPharma stock traded down $0.23 during mid-day trading on Friday, hitting $20.40. 360,630 shares of the company's stock were exchanged, compared to its average volume of 182,678. The company's 50 day simple moving average is $19.18 and its 200-day simple moving average is $23.98. The firm has a market capitalization of $697.95 million, a P/E ratio of -5.41 and a beta of 1.47. ArriVent BioPharma, Inc. has a fifty-two week low of $15.47 and a fifty-two week high of $36.37.

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

Analyst Upgrades and Downgrades

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

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.