ArriVent BioPharma (NASDAQ:AVBP) Trading Down 5% – Here’s What Happened

ArriVent BioPharma, Inc. (NASDAQ:AVBP) shares dropped 5% during trading on Monday . The company traded as low as $26.15 and last traded at $26.15. Approximately 18,800 shares changed hands during mid-day trading, a decline of 80% from the average daily volume of 94,543 shares. The stock had previously closed at $27.52.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on AVBP shares. Citigroup upped their target price on shares of ArriVent BioPharma from $30.00 to $36.00 and gave the company a “buy” rating in a report on Wednesday, September 11th. HC Wainwright restated a “buy” rating and issued a $36.00 price objective on shares of ArriVent BioPharma in a research note on Friday, November 15th. The Goldman Sachs Group boosted their target price on ArriVent BioPharma from $28.00 to $38.00 and gave the stock a “buy” rating in a report on Tuesday, September 10th. Finally, Oppenheimer reaffirmed an “outperform” rating and set a $39.00 price target (up previously from $35.00) on shares of ArriVent BioPharma in a report on Tuesday, September 10th. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $36.80.

ArriVent BioPharma Price Performance

The firm has a 50-day moving average price of $28.81 and a 200 day moving average price of $25.32.

Institutional Trading of ArriVent BioPharma

Hedge funds and other institutional investors have recently bought and sold shares of the business. Rhumbline Advisers grew its position in shares of ArriVent BioPharma by 30.1% during the 2nd quarter. Rhumbline Advisers now owns 12,707 shares of the company’s stock worth $236,000 after purchasing an additional 2,942 shares in the last quarter. The Manufacturers Life Insurance Company bought a new stake in shares of ArriVent BioPharma during the 3rd quarter valued at $240,000. SG Americas Securities LLC bought a new stake in shares of ArriVent BioPharma during the 3rd quarter valued at $280,000. JPMorgan Chase & Co. lifted its position in ArriVent BioPharma by 183.2% during the third quarter. JPMorgan Chase & Co. now owns 12,445 shares of the company’s stock worth $292,000 after purchasing an additional 8,050 shares during the period. Finally, MetLife Investment Management LLC grew its stake in 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 buying an additional 10,269 shares in 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.