ArriVent BioPharma (NASDAQ:AVBP) Receives Outperform Rating from Oppenheimer

ArriVent BioPharma (NASDAQ:AVBP)‘s stock had its “outperform” rating restated by analysts at Oppenheimer in a note issued to investors on Tuesday, MarketBeat.com reports. They currently have a $44.00 target price on the stock, up from their prior target price of $39.00. Oppenheimer’s price objective would suggest a potential upside of 95.37% from the stock’s current price.

AVBP has been the subject of several other research reports. Wall Street Zen cut ArriVent BioPharma from a “hold” rating to a “strong sell” rating in a research report on Thursday, May 22nd. Jones Trading started coverage on ArriVent BioPharma in a research note on Tuesday, May 20th. They issued a “buy” rating and a $40.00 price objective for the company. HC Wainwright lifted their target price on ArriVent BioPharma from $39.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, May 14th. B. Riley initiated coverage on shares of ArriVent BioPharma in a research report on Thursday, March 20th. They set a “buy” rating and a $37.00 price objective on the stock. Finally, Guggenheim reiterated a “buy” rating and issued a $45.00 target price on shares of ArriVent BioPharma in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $40.00.

ArriVent BioPharma Price Performance

Shares of AVBP traded down $0.28 during trading hours on Tuesday, hitting $22.52. 30,952 shares of the company were exchanged, compared to its average volume of 216,673. The company has a market capitalization of $770.44 million, a PE ratio of -6.01 and a beta of 1.26. The firm has a fifty day simple moving average of $21.47 and a 200-day simple moving average of $23.07. ArriVent BioPharma has a one year low of $15.47 and a one year high of $36.37.

ArriVent BioPharma (NASDAQ:AVBP) last posted its quarterly earnings data on Monday, May 12th. The company reported ($1.90) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.66) by ($1.24). Sell-side analysts expect that ArriVent BioPharma will post -2.74 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the stock. Suvretta Capital Management LLC grew its holdings in ArriVent BioPharma by 21.7% during the fourth quarter. Suvretta Capital Management LLC now owns 2,246,000 shares of the company’s stock valued at $59,833,000 after purchasing an additional 400,838 shares during the last quarter. Infinitum Asset Management LLC increased its position in ArriVent BioPharma by 25.7% in the 1st quarter. Infinitum Asset Management LLC now owns 2,066,238 shares of the company’s stock worth $38,205,000 after buying an additional 422,315 shares during the period. Octagon Capital Advisors LP lifted its holdings in shares of ArriVent BioPharma by 4.2% during the fourth quarter. Octagon Capital Advisors LP now owns 2,059,387 shares of the company’s stock worth $54,862,000 after buying an additional 83,000 shares during the last quarter. Novo Holdings A S boosted its position in shares of ArriVent BioPharma by 1.0% in the fourth quarter. Novo Holdings A S now owns 1,520,627 shares of the company’s stock valued at $40,510,000 after acquiring an additional 15,312 shares during the period. Finally, Vanguard Group Inc. boosted its position in shares of ArriVent BioPharma by 6.1% in the first quarter. Vanguard Group Inc. now owns 1,503,358 shares of the company’s stock valued at $27,797,000 after acquiring an additional 86,067 shares during the period. 9.48% of the stock is owned by institutional investors.

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.