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

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

Analysts Set New Price Targets

AVBP has been the topic of several recent research reports. HC Wainwright raised their price objective on ArriVent BioPharma from $30.00 to $36.00 and gave the company a “buy” rating in a report on Tuesday, September 10th. Citigroup lifted their target price on ArriVent BioPharma from $30.00 to $36.00 and gave the stock a “buy” rating in a report on Wednesday, September 11th. Oppenheimer reaffirmed an “outperform” rating and set a $39.00 target price (up from $35.00) on shares of ArriVent BioPharma in a report on Tuesday, September 10th. Finally, The Goldman Sachs Group lifted 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. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $36.80.

Institutional Investors Weigh In On ArriVent BioPharma

A number of hedge funds have recently added to or reduced their stakes in AVBP. Novo Holdings A S grew its position in shares of ArriVent BioPharma by 39.3% during the 2nd quarter. Novo Holdings A S now owns 1,500,000 shares of the company’s stock worth $27,825,000 after buying an additional 422,860 shares during the period. Rhumbline Advisers boosted its stake in ArriVent BioPharma by 30.1% during the second quarter. Rhumbline Advisers now owns 12,707 shares of the company’s stock worth $236,000 after acquiring an additional 2,942 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in ArriVent BioPharma by 31.4% in the second quarter. Bank of New York Mellon Corp now owns 29,847 shares of the company’s stock worth $554,000 after purchasing an additional 7,140 shares during the period. AlphaCentric Advisors LLC increased its stake in ArriVent BioPharma by 3.6% in the second quarter. AlphaCentric Advisors LLC now owns 86,000 shares of the company’s stock valued at $1,595,000 after purchasing an additional 3,000 shares in the last quarter. Finally, Farallon Capital Management LLC bought a new stake in ArriVent BioPharma in the first quarter valued at $2,711,000. 9.48% of the stock is currently owned by institutional investors.

ArriVent BioPharma Stock Up 2.2 %

Shares of AVBP opened at $23.50 on Tuesday. ArriVent BioPharma has a 12 month low of $14.35 and a 12 month high of $30.99. The stock’s 50-day moving average price is $23.95 and its two-hundred day moving average price is $20.12.

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

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.