Suvretta Capital Management LLC Boosts Holdings in ArriVent BioPharma, Inc. $AVBP

Suvretta Capital Management LLC raised its position in shares of ArriVent BioPharma, Inc. (NASDAQ:AVBP) by 8.5% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,703,452 shares of the company’s stock after acquiring an additional 290,664 shares during the period. ArriVent BioPharma makes up about 1.7% of Suvretta Capital Management LLC’s investment portfolio, making the stock its 17th largest position. Suvretta Capital Management LLC owned 0.09% of ArriVent BioPharma worth $68,329,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. UBS Group AG lifted its holdings in shares of ArriVent BioPharma by 474.7% in the 3rd quarter. UBS Group AG now owns 497,601 shares of the company’s stock worth $9,181,000 after acquiring an additional 411,013 shares during the last quarter. BNP Paribas Financial Markets raised its position in ArriVent BioPharma by 1,544.0% in the 3rd quarter. BNP Paribas Financial Markets now owns 42,268 shares of the company’s stock worth $780,000 after purchasing an additional 39,697 shares during the period. Franklin Resources Inc. purchased a new stake in ArriVent BioPharma in the 3rd quarter worth about $4,731,000. Russell Investments Group Ltd. lifted its stake in ArriVent BioPharma by 9,747.6% in the third quarter. Russell Investments Group Ltd. now owns 2,068 shares of the company’s stock worth $38,000 after purchasing an additional 2,047 shares during the last quarter. Finally, Barclays PLC lifted its stake in ArriVent BioPharma by 10.9% in the third quarter. Barclays PLC now owns 129,935 shares of the company’s stock worth $2,397,000 after purchasing an additional 12,723 shares during the last quarter. Hedge funds and other institutional investors own 9.48% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Truist Financial initiated coverage on ArriVent BioPharma in a research note on Tuesday, November 25th. They set a “buy” rating and a $43.00 target price on the stock. Citigroup upped their price objective on ArriVent BioPharma from $31.00 to $33.00 and gave the company a “buy” rating in a research report on Friday, March 6th. Cantor Fitzgerald started coverage on ArriVent BioPharma in a research note on Monday, December 22nd. They issued an “overweight” rating on the stock. Oppenheimer reiterated an “outperform” rating and set a $50.00 target price (up from $44.00) on shares of ArriVent BioPharma in a research report on Friday, March 6th. Finally, BTIG Research assumed coverage on shares of ArriVent BioPharma in a research note on Thursday. They set a “buy” rating and a $42.00 target price for the company. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, ArriVent BioPharma has a consensus rating of “Moderate Buy” and a consensus price target of $40.78.

ArriVent BioPharma Stock Performance

ArriVent BioPharma stock opened at $23.90 on Friday. The company has a market capitalization of $1.06 billion, a PE ratio of -5.42 and a beta of 0.99. The company has a 50 day moving average price of $22.60 and a 200-day moving average price of $21.09. ArriVent BioPharma, Inc. has a fifty-two week low of $15.47 and a fifty-two week high of $27.22.

ArriVent BioPharma (NASDAQ:AVBP) last released its quarterly earnings data on Thursday, March 5th. The company reported ($0.78) EPS for the quarter, topping the consensus estimate of ($0.87) by $0.09. On average, analysts forecast that ArriVent BioPharma, Inc. will post -2.74 earnings per share for the current year.

ArriVent BioPharma 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. In addition, the company develops Furmonertinib, a third-generation tyrosine kinase inhibitor that is in multiple clinical trials across a range of epidermal growth factor receptor mutations (EFGRm) in non-small cell lung cancer (NSCLC), including a phase 3 clinical trial for treatment of patients with metastatic EFGRm NSCLC; phase 1b clinical trial for treatment of patients with NSCLC with other EGFR mutations and NSCLC with HER2 Exon 20 insertion mutations; and ARR-002.