ArriVent BioPharma (NASDAQ:AVBP) Shares Gap Up on Analyst Upgrade

ArriVent BioPharma, Inc. (NASDAQ:AVBP)’s stock price gapped up before the market opened on Tuesday after Oppenheimer raised their price target on the stock from $39.00 to $44.00. The stock had previously closed at $22.80, but opened at $24.03. Oppenheimer currently has an outperform rating on the stock. ArriVent BioPharma shares last traded at $22.97, with a volume of 179,321 shares changing hands.

A number of other research analysts also recently weighed in on the stock. Guggenheim restated a “buy” rating and set a $45.00 price objective on shares of ArriVent BioPharma in a research report on Tuesday. Jones Trading initiated coverage on shares of ArriVent BioPharma in a research report on Tuesday, May 20th. They set a “buy” rating and a $40.00 price objective on the stock. B. Riley began 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. Wall Street Zen downgraded shares of ArriVent BioPharma from a “hold” rating to a “strong sell” rating in a research report on Thursday, May 22nd. Finally, HC Wainwright upped their price objective on ArriVent BioPharma from $39.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, May 14th. One analyst has rated the stock with a sell rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, ArriVent BioPharma currently has an average rating of “Moderate Buy” and an average price target of $40.00.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in AVBP. Suvretta Capital Management LLC grew its stake 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 acquiring an additional 400,838 shares in the last quarter. Infinitum Asset Management LLC increased its holdings 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 valued at $38,205,000 after acquiring an additional 422,315 shares during the last quarter. Octagon Capital Advisors LP increased its holdings in 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. Novo Holdings A S increased its holdings in ArriVent BioPharma by 1.0% in the 4th 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 last quarter. Finally, Vanguard Group Inc. increased its holdings in ArriVent BioPharma by 6.1% in the 1st 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 last quarter. 9.48% of the stock is currently owned by institutional investors.

ArriVent BioPharma Stock Performance

The company has a market capitalization of $779.99 million, a P/E ratio of -6.05 and a beta of 1.26. The business’s fifty day simple moving average is $21.47 and its 200-day simple moving average is $23.07.

ArriVent BioPharma (NASDAQ:AVBP) last posted its earnings results 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). As a group, analysts forecast that ArriVent BioPharma, Inc. will post -2.74 EPS for the current year.

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.