ArriVent BioPharma (NASDAQ:AVBP) Upgraded to “Strong-Buy” at B. Riley

B. Riley upgraded shares of ArriVent BioPharma (NASDAQ:AVBP) to a strong-buy rating in a research note issued to investors on Wednesday,Zacks.com reports.

Several other analysts have also weighed in on AVBP. HC Wainwright reaffirmed a “buy” rating and issued a $39.00 price objective on shares of ArriVent BioPharma in a research note on Friday, March 7th. 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 on the stock. Five equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, ArriVent BioPharma presently has an average rating of “Buy” and an average price target of $39.00.

ArriVent BioPharma Stock Performance

AVBP opened at $19.52 on Wednesday. The firm has a market cap of $663.99 million, a P/E ratio of -7.60 and a beta of 1.00. ArriVent BioPharma has a 52-week low of $14.35 and a 52-week high of $36.37. The business’s fifty day moving average is $24.92 and its 200-day moving average is $26.72.

ArriVent BioPharma (NASDAQ:AVBP) last released its earnings results on Monday, March 3rd. The company reported ($0.60) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.78) by $0.18. On average, research analysts predict that ArriVent BioPharma will post -2.74 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ArriVent BioPharma

Several large investors have recently added to or reduced their stakes in the business. California State Teachers Retirement System grew its stake in ArriVent BioPharma by 561.3% during the fourth quarter. California State Teachers Retirement System now owns 13,649 shares of the company’s stock worth $364,000 after purchasing an additional 11,585 shares during the period. Infinitum Asset Management LLC acquired a new stake in ArriVent BioPharma during the fourth quarter worth approximately $43,794,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in ArriVent BioPharma during the fourth quarter worth approximately $218,000. Woodline Partners LP grew its stake in ArriVent BioPharma by 20.5% during the fourth quarter. Woodline Partners LP now owns 145,797 shares of the company’s stock worth $3,884,000 after purchasing an additional 24,853 shares during the period. Finally, Suvretta Capital Management LLC grew its stake in ArriVent BioPharma by 21.7% in the fourth quarter. Suvretta Capital Management LLC now owns 2,246,000 shares of the company’s stock valued at $59,833,000 after acquiring an additional 400,838 shares during the period. Institutional investors and hedge funds 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.