Seven Fleet Capital Management LP Buys New Shares in ArriVent BioPharma, Inc. $AVBP

Key Points

• Seven Fleet Capital Management purchased 50,252 ArriVent BioPharma shares worth approximately $1.16 million, giving it a 0.11% stake. Institutional investors and hedge funds collectively own 9.48% of AVBP.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $44.83; Truist raised its target to $45, while Citigroup lowered its target to $43.
• AVBP opened at $29.82, compared with a 12-month range of $16.10 to $35.83. The clinical-stage biotech reported quarterly EPS of negative $0.96, missing expectations of negative $0.88.

Seven Fleet Capital Management LP purchased a new stake in ArriVent BioPharma, Inc. (NASDAQ:AVBP - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 50,252 shares of the company's stock, valued at approximately $1,159,000. Seven Fleet Capital Management LP owned 0.11% of ArriVent BioPharma at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of AVBP. Russell Investments Group Ltd. increased its holdings in shares of ArriVent BioPharma by 9,747.6% during the 3rd quarter. Russell Investments Group Ltd. now owns 2,068 shares of the company's stock worth $38,000 after purchasing an additional 2,047 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its position in ArriVent BioPharma by 27.9% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,006 shares of the company's stock worth $40,000 after buying an additional 438 shares in the last quarter. BNP Paribas Financial Markets increased its stake in ArriVent BioPharma by 31.0% during the second quarter. BNP Paribas Financial Markets now owns 2,571 shares of the company's stock valued at $56,000 after acquiring an additional 609 shares during the period. Group One Trading LLC bought a new position in ArriVent BioPharma during the fourth quarter valued at about $57,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in ArriVent BioPharma by 696.6% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,258 shares of the company's stock valued at $60,000 after acquiring an additional 2,849 shares in the last quarter. 9.48% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on AVBP shares. Truist Financial lifted their price objective on ArriVent BioPharma from $43.00 to $45.00 and gave the stock a "buy" rating in a report on Friday, May 29th. Weiss Ratings restated a "sell (d-)" rating on shares of ArriVent BioPharma in a research note on Friday, July 17th. Citigroup reduced their target price on ArriVent BioPharma from $45.00 to $43.00 and set a "buy" rating for the company in a research report on Wednesday, May 13th. Finally, Cantor Fitzgerald reiterated an "overweight" rating on shares of ArriVent BioPharma in a research note on Friday, May 22nd. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $44.83.

ArriVent BioPharma Stock Performance

AVBP opened at $29.82 on Friday. The firm's 50-day simple moving average is $31.51 and its 200-day simple moving average is $27.23. ArriVent BioPharma, Inc. has a twelve month low of $16.10 and a twelve month high of $35.83. The firm has a market cap of $1.39 billion, a price-to-earnings ratio of -8.59 and a beta of 1.29.

ArriVent BioPharma (NASDAQ:AVBP - Get Free Report) last announced its quarterly earnings results on Monday, May 11th. The company reported ($0.96) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.88) by ($0.08). As a group, sell-side analysts anticipate that ArriVent BioPharma, Inc. will post -3.9 EPS for the current fiscal year.

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. In addition, the company develops Furmonertinib, a third-generation tyrosine kinase inhibitor that is in multiple clinical trials across a range of epidermal growth factor receptor mutations (EFGRm) in non-small cell lung cancer (NSCLC), including a phase 3 clinical trial for treatment of patients with metastatic EFGRm NSCLC; phase 1b clinical trial for treatment of patients with NSCLC with other EGFR mutations and NSCLC with HER2 Exon 20 insertion mutations; and ARR-002.

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