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

Suvretta Capital Management LLC boosted its stake in shares of ArriVent BioPharma, Inc. (NASDAQ:AVBP - Free Report) by 21.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,246,000 shares of the company's stock after buying an additional 400,838 shares during the quarter. ArriVent BioPharma makes up approximately 2.0% of Suvretta Capital Management LLC's portfolio, making the stock its 14th biggest position. Suvretta Capital Management LLC owned 6.67% of ArriVent BioPharma worth $59,833,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. bought a new stake in ArriVent BioPharma in the 4th quarter valued at about $31,000. Tower Research Capital LLC TRC lifted its stake in ArriVent BioPharma by 773.8% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,599 shares of the company's stock valued at $43,000 after purchasing an additional 1,416 shares during the last quarter. Virtus ETF Advisers LLC purchased a new position in ArriVent BioPharma in the fourth quarter valued at approximately $73,000. KLP Kapitalforvaltning AS bought a new position in shares of ArriVent BioPharma in the fourth quarter worth $83,000. Finally, China Universal Asset Management Co. Ltd. bought a new position in ArriVent BioPharma in the fourth quarter valued at $190,000. 9.48% of the stock is owned by institutional investors and hedge funds.

ArriVent BioPharma Price Performance

AVBP stock traded down $0.14 during mid-day trading on Thursday, reaching $20.34. The company had a trading volume of 38,923 shares, compared to its average volume of 179,250. The company has a market capitalization of $695.72 million, a PE ratio of -5.40 and a beta of 1.47. The firm has a 50 day moving average of $19.16 and a 200 day moving average of $24.29. ArriVent BioPharma, Inc. has a 12 month low of $15.47 and a 12 month high of $36.37.

ArriVent BioPharma (NASDAQ:AVBP - Get Free Report) last posted its earnings results on Monday, May 12th. The company reported ($1.90) EPS for the quarter, missing analysts' consensus estimates of ($0.66) by ($1.24). Analysts anticipate that ArriVent BioPharma, Inc. will post -2.74 EPS for the current year.

Wall Street Analyst Weigh In

AVBP has been the topic of a number of recent research reports. B. Riley initiated coverage on ArriVent BioPharma in a research note on Thursday, March 20th. They set a "buy" rating and a $37.00 price objective on the stock. Guggenheim initiated coverage on shares of ArriVent BioPharma in a report on Monday, March 10th. They issued a "buy" rating and a $45.00 price objective for the company. Jones Trading began coverage on shares of ArriVent BioPharma in a report on Tuesday. They set a "buy" rating and a $40.00 target price for the company. HC Wainwright raised their price target 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. Finally, Wall Street Zen downgraded shares of ArriVent BioPharma from a "hold" rating to a "strong sell" rating in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $39.29.

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.