ArriVent BioPharma (NASDAQ:AVBP) Stock Price Up 5.9% - Still a Buy?

Key Points

• ArriVent BioPharma shares rose 5.9% to about $29.93, although trading volume was 83% below the average daily level.
• Wall Street maintains a generally positive view, with eight Buy ratings, one Hold, and one Sell; the consensus price target is $44.86, implying substantial upside.
• The company reported a quarterly loss of $1.05 per share, missing estimates by $0.06, and analysts expect a full-year loss of approximately $4.01 per share.

ArriVent BioPharma, Inc. (NASDAQ:AVBP - Get Free Report) shares shot up 5.9% during trading on Tuesday . The company traded as high as $29.74 and last traded at $29.9340. Approximately 84,613 shares traded hands during trading, a decline of 83% from the average daily volume of 509,609 shares. The stock had previously closed at $28.26.

Wall Street Analyst Weigh In

AVBP has been the topic of a number of recent analyst reports. HC Wainwright increased their price objective on ArriVent BioPharma from $44.00 to $47.00 and gave the stock a "buy" rating in a research report on Monday, August 17th. Weiss Ratings restated a "sell (d-)" rating on shares of ArriVent BioPharma in a research report on Friday, July 17th. Guggenheim restated a "buy" rating and issued a $45.00 target price on shares of ArriVent BioPharma in a research note on Thursday, August 13th. Citigroup lowered their price target on ArriVent BioPharma from $43.00 to $40.00 and set a "buy" rating on the stock in a report on Thursday, August 13th. Finally, BTIG Research reiterated a "buy" rating and set a $42.00 price target on shares of ArriVent BioPharma in a research report on Thursday, August 13th. Eight analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $44.86.

ArriVent BioPharma Stock Performance

The company has a market cap of $1.50 billion, a P/E ratio of -8.41 and a beta of 1.36. The stock has a 50-day moving average of $31.65 and a two-hundred day moving average of $28.13.

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 analysts' consensus estimates of ($0.99) by ($0.06). As a group, sell-side analysts forecast that ArriVent BioPharma, Inc. will post -4.01 EPS for the current fiscal year.

Hedge Funds Weigh In On ArriVent BioPharma

Several institutional investors and hedge funds have recently made changes to their positions in AVBP. Mirae Asset Global Investments Co. Ltd. lifted its stake in ArriVent BioPharma by 27.9% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,006 shares of the company's stock worth $40,000 after purchasing an additional 438 shares during the last quarter. Wellington Management Group LLP boosted its position in ArriVent BioPharma by 0.7% during the fourth quarter. Wellington Management Group LLP now owns 82,278 shares of the company's stock valued at $1,655,000 after buying an additional 532 shares during the period. Woodline Partners LP grew its stake in shares of ArriVent BioPharma by 0.4% during the first quarter. Woodline Partners LP now owns 146,373 shares of the company's stock valued at $2,706,000 after buying an additional 576 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of ArriVent BioPharma by 4.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 14,743 shares of the company's stock valued at $297,000 after buying an additional 585 shares during the last quarter. Finally, BNP Paribas Financial Markets increased its holdings in shares of ArriVent BioPharma by 31.0% in the second quarter. BNP Paribas Financial Markets now owns 2,571 shares of the company's stock worth $56,000 after buying an additional 609 shares during the period. Institutional investors own 9.48% of the company's stock.

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. 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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