ArriVent BioPharma (NASDAQ:AVBP) Stock Price Down 6.6% – Here’s What Happened

Shares of ArriVent BioPharma, Inc. (NASDAQ:AVBP) dropped 6.6% on Thursday . The stock traded as low as $29.75 and last traded at $29.75. Approximately 9,475 shares changed hands during mid-day trading, a decline of 94% from the average daily volume of 171,900 shares. The stock had previously closed at $31.86.

Analyst Upgrades and Downgrades

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

ArriVent BioPharma Price Performance

The company has a 50-day simple moving average of $27.99 and a 200-day simple moving average of $22.92.

ArriVent BioPharma (NASDAQ:AVBP) last released its quarterly earnings data on Wednesday, August 14th. The company reported ($0.65) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.65). As a group, equities analysts expect that ArriVent BioPharma, Inc. will post -3.03 EPS for the current fiscal year.

Institutional Trading of ArriVent BioPharma

A number of large investors have recently made changes to their positions in AVBP. BNP Paribas Financial Markets purchased a new position in ArriVent BioPharma in the first quarter valued at about $83,000. American International Group Inc. acquired a new stake in ArriVent BioPharma during the 1st quarter valued at $87,000. Rhumbline Advisers increased its holdings in 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 during the last quarter. The Manufacturers Life Insurance Company acquired a new position in shares of ArriVent BioPharma in the 3rd quarter valued at approximately $240,000. Finally, SG Americas Securities LLC purchased a new position in shares of ArriVent BioPharma during the 3rd quarter valued at approximately $280,000. 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.