Suvretta Capital Management LLC Increases Stock Position in ArriVent BioPharma, Inc. (NASDAQ:AVBP)

Suvretta Capital Management LLC grew its position in shares of ArriVent BioPharma, Inc. (NASDAQ:AVBP - Free Report) by 21.7% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 2,246,000 shares of the company's stock after acquiring an additional 400,838 shares during the quarter. ArriVent BioPharma comprises approximately 2.0% of Suvretta Capital Management LLC's holdings, making the stock its 14th largest holding. Suvretta Capital Management LLC owned 6.67% of ArriVent BioPharma worth $59,833,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Rafferty Asset Management LLC lifted its position in ArriVent BioPharma by 186.3% during the fourth quarter. Rafferty Asset Management LLC now owns 27,299 shares of the company's stock valued at $727,000 after purchasing an additional 17,763 shares during the last quarter. ProShare Advisors LLC bought a new position in shares of ArriVent BioPharma in the 4th quarter valued at about $254,000. Octagon Capital Advisors LP lifted its holdings in shares of ArriVent BioPharma by 4.2% in the 4th quarter. Octagon Capital Advisors LP now owns 2,059,387 shares of the company's stock valued at $54,862,000 after acquiring an additional 83,000 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in ArriVent BioPharma by 8.4% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,114 shares of the company's stock worth $456,000 after acquiring an additional 1,327 shares in the last quarter. Finally, Deutsche Bank AG increased its stake in ArriVent BioPharma by 57.4% during the fourth quarter. Deutsche Bank AG now owns 24,136 shares of the company's stock worth $643,000 after acquiring an additional 8,805 shares during the last quarter. 9.48% of the stock is owned by hedge funds and other institutional investors.

ArriVent BioPharma Stock Down 1.9%

AVBP traded down $0.39 during trading hours on Wednesday, reaching $20.47. 174,496 shares of the company's stock traded hands, compared to its average volume of 179,254. The firm has a market capitalization of $700.34 million, a PE ratio of -5.43 and a beta of 1.47. ArriVent BioPharma, Inc. has a 52-week low of $15.47 and a 52-week high of $36.37. The firm has a 50-day moving average price of $19.17 and a 200 day moving average price of $24.32.

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

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on AVBP shares. Guggenheim began coverage on ArriVent BioPharma in a research note on Monday, March 10th. They issued a "buy" rating and a $45.00 price objective for the company. Jones Trading initiated coverage on ArriVent BioPharma in a report on Tuesday. They set a "buy" rating and a $40.00 price target on the stock. B. Riley initiated coverage on shares of ArriVent BioPharma in a research note on Thursday, March 20th. They set a "buy" rating and a $37.00 price objective for the company. Finally, HC Wainwright boosted their price objective on shares of ArriVent BioPharma from $39.00 to $40.00 and gave the company a "buy" rating in a research report on Wednesday, May 14th. Six investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, ArriVent BioPharma has a consensus rating of "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.