Tidal Investments LLC Buys New Stake in ArriVent BioPharma, Inc. $AVBP

Key Points

• Tidal Investments acquired 57,034 shares of ArriVent BioPharma during the second quarter, worth approximately $1.98 million and representing about 0.12% of the company. Institutional investors collectively own 9.48% of AVBP.
• ArriVent shares opened at $27.65, down 1.1%, while the company reported a quarterly loss of $1.05 per share—worse than the $0.99 analyst consensus.
• Analysts remain broadly positive, with a “Moderate Buy” consensus and an average price target of $44.86 versus the current share price. ArriVent is developing furmonertinib for genetically defined cancers, including EGFR-mutated non-small cell lung cancer.

Tidal Investments LLC bought a new stake in shares of ArriVent BioPharma, Inc. (NASDAQ:AVBP - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 57,034 shares of the company's stock, valued at approximately $1,981,000. Tidal Investments LLC owned approximately 0.12% of ArriVent BioPharma at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in AVBP. Quantbot Technologies LP bought a new position in shares of ArriVent BioPharma in the second quarter worth $59,000. Jupiter Topco LLC bought a new stake in shares of ArriVent BioPharma during the second quarter valued at about $226,000. Arizona State Retirement System acquired a new stake in ArriVent BioPharma in the second quarter worth about $233,000. Glenmede Trust Co. NA acquired a new stake in ArriVent BioPharma in the first quarter worth about $209,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in ArriVent BioPharma in the first quarter worth about $209,000. Institutional investors and hedge funds own 9.48% of the company's stock.

ArriVent BioPharma Stock Down 1.1%

Shares of AVBP stock opened at $27.65 on Thursday. The stock has a 50-day simple moving average of $30.50 and a 200 day simple moving average of $29.03. ArriVent BioPharma, Inc. has a fifty-two week low of $17.00 and a fifty-two week high of $35.83. The stock has a market capitalization of $1.36 billion, a P/E ratio of -7.64 and a beta of 1.35.

ArriVent BioPharma (NASDAQ:AVBP - Get Free Report) last issued its quarterly earnings results on Wednesday, August 12th. The company reported ($1.05) EPS for the quarter, missing the consensus estimate of ($0.99) by ($0.06). On average, sell-side analysts anticipate that ArriVent BioPharma, Inc. will post -4.01 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms have commented on AVBP. HC Wainwright raised their target price on shares of ArriVent BioPharma from $44.00 to $47.00 and gave the company a "buy" rating in a research note on Monday, August 17th. Citigroup reduced their price target on shares of ArriVent BioPharma from $43.00 to $40.00 and set a "buy" rating for the company in a research note on Thursday, August 13th. Cantor Fitzgerald reiterated an "overweight" rating on shares of ArriVent BioPharma in a report on Friday, May 22nd. Truist Financial raised their price objective on shares of ArriVent BioPharma from $43.00 to $45.00 and gave the company a "buy" rating in a research note on Friday, May 29th. Finally, Guggenheim reiterated a "buy" rating and set a $45.00 price objective on shares of ArriVent BioPharma in a research note on Thursday, August 13th. Eight analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, ArriVent BioPharma currently has an average rating of "Moderate Buy" and a consensus price target of $44.86.

ArriVent BioPharma Company Profile

ArriVent BioPharma, Inc is a clinical-stage biopharmaceutical company focused on developing precision oncology medicines for patients with genetically defined cancers. The company's strategy is to identify promising therapies that have been developed or clinically validated in other markets and advance them through global development programs.

ArriVent's lead product candidate is furmonertinib, an oral, irreversible epidermal growth factor receptor (EGFR) tyrosine kinase inhibitor. The company is evaluating furmonertinib as a potential treatment for patients with EGFR-mutated non-small cell lung cancer, including tumors with EGFR exon 20 insertion mutations and other EGFR alterations.

ArriVent obtained exclusive development and commercialization rights for furmonertinib outside China through a collaboration with Allist Pharmaceuticals.

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