ArriVent BioPharma (NASDAQ:AVBP) Stock Price Up 9.7% – Here’s What Happened

ArriVent BioPharma, Inc. (NASDAQ:AVBP) shares shot up 9.7% during mid-day trading on Thursday . The stock traded as high as $33.00 and last traded at $32.68. 194,230 shares were traded during mid-day trading, a decline of 61% from the average session volume of 498,834 shares. The stock had previously closed at $29.78.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on AVBP. B. Riley Financial lifted their price objective on shares of ArriVent BioPharma from $37.00 to $45.00 and gave the company a “buy” rating in a research note on Monday, March 23rd. Truist Financial boosted their target price on shares of ArriVent BioPharma from $43.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, May 29th. HC Wainwright boosted their target price on shares of ArriVent BioPharma from $42.00 to $44.00 and gave the company a “buy” rating in a research report on Friday, March 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of ArriVent BioPharma in a research report on Monday, April 20th. Finally, 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. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $43.38.

ArriVent BioPharma Trading Up 11.6%

The business has a 50-day moving average of $27.57 and a 200 day moving average of $24.26. The firm has a market capitalization of $1.55 billion, a P/E ratio of -9.62 and a beta of 1.41.

ArriVent BioPharma (NASDAQ:AVBP) last released its quarterly earnings data on Monday, May 11th. The company reported ($0.96) earnings per share for the quarter, missing the consensus estimate of ($0.88) by ($0.08). As a group, research analysts forecast that ArriVent BioPharma, Inc. will post -3.78 EPS for the current year.

Institutional Investors Weigh In On ArriVent BioPharma

Several hedge funds and other institutional investors have recently made changes to their positions in AVBP. Dynamic Technology Lab Private Ltd bought a new stake in shares of ArriVent BioPharma during the first quarter worth about $266,000. Woodline Partners LP increased its position in shares of ArriVent BioPharma by 0.4% during the first quarter. Woodline Partners LP now owns 146,373 shares of the company’s stock worth $2,706,000 after acquiring an additional 576 shares in the last quarter. Jane Street Group LLC bought a new stake in shares of ArriVent BioPharma during the first quarter worth about $189,000. Legal & General Group Plc increased its position in shares of ArriVent BioPharma by 8.8% during the second quarter. Legal & General Group Plc now owns 14,790 shares of the company’s stock worth $322,000 after acquiring an additional 1,197 shares in the last quarter. Finally, Walleye Capital LLC bought a new stake in shares of ArriVent BioPharma during the second quarter worth about $206,000. 9.48% of the stock is owned by institutional investors.

ArriVent BioPharma Company 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.