ArriVent BioPharma (NASDAQ:AVBP) Shares Down 4.7% – What’s Next?

ArriVent BioPharma, Inc. (NASDAQ:AVBP) shares dropped 4.7% during mid-day trading on Tuesday . The stock traded as low as $19.18 and last traded at $19.27. Approximately 30,567 shares changed hands during mid-day trading, a decline of 81% from the average daily volume of 158,940 shares. The stock had previously closed at $20.21.

Analyst Upgrades and Downgrades

AVBP has been the topic of a number of recent analyst reports. HC Wainwright reissued a “buy” rating and set a $39.00 price target on shares of ArriVent BioPharma in a report on Friday, March 7th. Guggenheim started coverage on shares of ArriVent BioPharma in a research note on Monday, March 10th. They set a “buy” rating and a $45.00 target price on the stock. Finally, B. Riley began coverage on 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 equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, ArriVent BioPharma currently has an average rating of “Buy” and a consensus target price of $39.00.

ArriVent BioPharma Stock Up 1.6 %

The company has a market capitalization of $631.68 million, a price-to-earnings ratio of -7.23 and a beta of 1.00. The stock’s 50-day simple moving average is $24.57 and its two-hundred day simple moving average is $26.56.

ArriVent BioPharma (NASDAQ:AVBP) last released its quarterly earnings results on Monday, March 3rd. The company reported ($0.60) earnings per share for the quarter, topping the consensus estimate of ($0.78) by $0.18. On average, sell-side analysts forecast that ArriVent BioPharma, Inc. will post -2.74 EPS for the current year.

Hedge Funds Weigh In On ArriVent BioPharma

Several hedge funds and other institutional investors have recently made changes to their positions in AVBP. Charles Schwab Investment Management Inc. lifted its holdings in ArriVent BioPharma by 153.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 202,368 shares of the company’s stock valued at $4,756,000 after purchasing an additional 122,641 shares in the last quarter. Geode Capital Management LLC lifted its stake in ArriVent BioPharma by 154.2% in the 3rd quarter. Geode Capital Management LLC now owns 597,165 shares of the company’s stock worth $14,036,000 after purchasing an additional 362,221 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new position in ArriVent BioPharma in the 4th quarter worth approximately $31,000. Barclays PLC boosted its holdings in shares of ArriVent BioPharma by 1,124.8% during the 3rd quarter. Barclays PLC now owns 41,522 shares of the company’s stock worth $976,000 after purchasing an additional 38,132 shares during the last quarter. Finally, State Street Corp grew its position in shares of ArriVent BioPharma by 210.4% in the third quarter. State Street Corp now owns 476,809 shares of the company’s stock valued at $11,205,000 after purchasing an additional 323,186 shares in the last quarter. Hedge funds and other institutional investors 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.