ArriVent BioPharma (NASDAQ:AVBP) Trading Down 3.5% – Should You Sell?

ArriVent BioPharma, Inc. (NASDAQ:AVBP)’s stock price dropped 3.5% during mid-day trading on Monday . The company traded as low as $20.20 and last traded at $20.27. Approximately 67,990 shares traded hands during trading, a decline of 57% from the average daily volume of 158,799 shares. The stock had previously closed at $21.00.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on AVBP. Guggenheim began coverage on ArriVent BioPharma in a report on Monday, March 10th. They issued a “buy” rating and a $45.00 target price on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $39.00 target price on shares of ArriVent BioPharma in a report on Friday, March 7th. Five research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $39.40.

ArriVent BioPharma Stock Performance

The company has a 50 day moving average price of $25.58 and a 200 day moving average price of $26.97. The company has a market capitalization of $698.82 million, a price-to-earnings ratio of -8.02 and a beta of 1.00.

ArriVent BioPharma (NASDAQ:AVBP) last issued its earnings results on Monday, March 3rd. The company reported ($0.60) EPS for the quarter, beating the consensus estimate of ($0.78) by $0.18. Research analysts forecast that ArriVent BioPharma, Inc. will post -2.74 EPS for the current year.

Hedge Funds Weigh In On ArriVent BioPharma

A number of hedge funds have recently added to or reduced their stakes in the stock. Infinitum Asset Management LLC acquired a new position in ArriVent BioPharma during the 4th quarter valued at about $43,794,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in ArriVent BioPharma during the 4th quarter valued at about $218,000. Woodline Partners LP boosted its stake in ArriVent BioPharma by 20.5% during the 4th quarter. Woodline Partners LP now owns 145,797 shares of the company’s stock valued at $3,884,000 after purchasing an additional 24,853 shares during the last quarter. Suvretta Capital Management LLC boosted its stake in ArriVent BioPharma by 21.7% during the 4th 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. Finally, Rafferty Asset Management LLC boosted its stake in ArriVent BioPharma by 186.3% during the 4th quarter. Rafferty Asset Management LLC now owns 27,299 shares of the company’s stock valued at $727,000 after purchasing an additional 17,763 shares during the last quarter. Institutional investors and hedge funds own 9.48% of the company’s stock.

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.