ArriVent BioPharma, Inc. (NASDAQ:AVBP) Sees Large Increase in Short Interest

ArriVent BioPharma, Inc. (NASDAQ:AVBP) was the target of a large growth in short interest in September. As of September 15th, there was short interest totalling 1,860,000 shares, a growth of 13.4% from the August 31st total of 1,640,000 shares. Based on an average daily volume of 234,300 shares, the days-to-cover ratio is currently 7.9 days. Approximately 9.6% of the company’s stock are short sold.

ArriVent BioPharma Trading Up 2.2 %

Shares of AVBP stock opened at $23.50 on Tuesday. The firm has a 50-day moving average of $23.95 and a 200-day moving average of $20.12. ArriVent BioPharma has a one year low of $14.35 and a one year high of $30.99.

ArriVent BioPharma (NASDAQ:AVBP) last posted its quarterly earnings data on Wednesday, August 14th. The company reported ($0.65) EPS for the quarter, meeting the consensus estimate of ($0.65). On average, sell-side analysts forecast that ArriVent BioPharma will post -3.03 EPS for the current year.

Institutional Investors Weigh In On ArriVent BioPharma

Several institutional investors and hedge funds have recently added to or reduced their stakes in AVBP. BNP Paribas Financial Markets purchased a new stake in ArriVent BioPharma in the 1st quarter valued at about $83,000. American International Group Inc. purchased a new stake in ArriVent BioPharma in the 1st quarter valued at about $87,000. Rhumbline Advisers increased its stake in ArriVent BioPharma by 30.1% in the 2nd quarter. Rhumbline Advisers now owns 12,707 shares of the company’s stock valued at $236,000 after buying an additional 2,942 shares during the last quarter. Blackstone Inc. purchased a new stake in ArriVent BioPharma in the 1st quarter valued at about $446,000. Finally, Bank of New York Mellon Corp increased its stake in ArriVent BioPharma by 31.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 29,847 shares of the company’s stock valued at $554,000 after buying an additional 7,140 shares during the last quarter. Hedge funds and other institutional investors own 9.48% of the company’s stock.

Analyst Ratings Changes

A number of research firms have weighed in on AVBP. Citigroup raised their price objective on shares of ArriVent BioPharma from $30.00 to $36.00 and gave the company a “buy” rating in a research note on Wednesday, September 11th. The Goldman Sachs Group raised their price target on shares of ArriVent BioPharma from $28.00 to $38.00 and gave the company a “buy” rating in a research report on Tuesday, September 10th. Oppenheimer reiterated an “outperform” rating and set a $39.00 price target (up previously from $35.00) on shares of ArriVent BioPharma in a research note on Tuesday, September 10th. Finally, HC Wainwright increased their price objective on ArriVent BioPharma from $30.00 to $36.00 and gave the stock a “buy” rating in a research note on Tuesday, September 10th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $36.80.

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.