ArriVent BioPharma (NASDAQ:AVBP) Trading 2.2% Higher – Here’s What Happened

ArriVent BioPharma, Inc. (NASDAQ:AVBP)’s stock price was up 2.2% on Friday . The company traded as high as $19.00 and last traded at $18.99. Approximately 59,051 shares changed hands during mid-day trading, a decline of 64% from the average daily volume of 162,942 shares. The stock had previously closed at $18.57.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. HC Wainwright reiterated a “buy” rating and set a $39.00 price objective on shares of ArriVent BioPharma in a research note on Friday, March 7th. Guggenheim began coverage on shares of ArriVent BioPharma in a research report on Monday, March 10th. They issued a “buy” rating and a $45.00 price objective for the company. Finally, 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 target price on the stock. Five research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $39.00.

ArriVent BioPharma Stock Up 2.0 %

The company’s 50-day moving average is $24.34 and its 200 day moving average is $26.44. The company has a market cap of $644.60 million, a price-to-earnings ratio of -7.37 and a beta of 1.00.

ArriVent BioPharma (NASDAQ:AVBP) last issued its quarterly earnings results on Monday, March 3rd. The company reported ($0.60) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.78) by $0.18. Analysts predict that ArriVent BioPharma, Inc. will post -2.74 EPS for the current fiscal year.

Hedge Funds Weigh In On ArriVent BioPharma

Large investors have recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. increased its stake in shares of ArriVent BioPharma by 153.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 202,368 shares of the company’s stock worth $4,756,000 after purchasing an additional 122,641 shares in the last quarter. The Manufacturers Life Insurance Company acquired a new position in shares of ArriVent BioPharma during the third quarter valued at approximately $240,000. FMR LLC lifted its position in shares of ArriVent BioPharma by 8.7% in the third quarter. FMR LLC now owns 2,119,695 shares of the company’s stock valued at $49,813,000 after acquiring an additional 169,514 shares in the last quarter. BNP Paribas Financial Markets boosted its stake in shares of ArriVent BioPharma by 32.6% in the third quarter. BNP Paribas Financial Markets now owns 21,965 shares of the company’s stock worth $516,000 after acquiring an additional 5,397 shares during the last quarter. Finally, MetLife Investment Management LLC increased its position in shares of ArriVent BioPharma by 168.9% during the third quarter. MetLife Investment Management LLC now owns 16,350 shares of the company’s stock worth $384,000 after purchasing an additional 10,269 shares in the last quarter. 9.48% of the stock is currently owned by institutional investors and hedge funds.

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.