ArriVent BioPharma, Inc. (NASDAQ:AVBP) Sees Significant Growth in Short Interest

ArriVent BioPharma, Inc. (NASDAQ:AVBP) was the target of a significant increase in short interest in November. As of November 30th, there was short interest totalling 3,310,000 shares, an increase of 6.1% from the November 15th total of 3,120,000 shares. Approximately 17.0% of the shares of the stock are short sold. Based on an average daily volume of 249,100 shares, the days-to-cover ratio is presently 13.3 days.

Institutional Trading of ArriVent BioPharma

Hedge funds and other institutional investors have recently made changes to their positions in the company. FMR LLC boosted its position in ArriVent BioPharma by 8.7% during the 3rd quarter. FMR LLC now owns 2,119,695 shares of the company’s stock worth $49,813,000 after buying an additional 169,514 shares during the period. Suvretta Capital Management LLC increased its position in ArriVent BioPharma by 7.7% in the 3rd quarter. Suvretta Capital Management LLC now owns 1,845,162 shares of the company’s stock valued at $43,361,000 after acquiring an additional 132,459 shares during the period. Novo Holdings A S raised its stake in shares of ArriVent BioPharma by 0.4% during the third quarter. Novo Holdings A S now owns 1,505,315 shares of the company’s stock valued at $35,375,000 after acquiring an additional 5,315 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of ArriVent BioPharma by 154.2% during the third 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 during the period. Finally, State Street Corp grew its stake 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 worth $11,205,000 after purchasing an additional 323,186 shares during the last quarter. 9.48% of the stock is currently owned by institutional investors.

ArriVent BioPharma Trading Up 3.2 %

AVBP stock traded up $0.84 during midday trading on Friday, reaching $26.72. 148,278 shares of the stock were exchanged, compared to its average volume of 171,669. ArriVent BioPharma has a 52 week low of $14.35 and a 52 week high of $36.37. The company has a fifty day moving average price of $29.48 and a 200 day moving average price of $24.43.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Oppenheimer restated an “outperform” rating and issued a $39.00 target price (up from $35.00) on shares of ArriVent BioPharma in a research report on Tuesday, September 10th. HC Wainwright restated a “buy” rating and set a $36.00 price objective on shares of ArriVent BioPharma in a research report on Friday, November 15th. Citigroup lifted their target price on ArriVent BioPharma from $30.00 to $36.00 and gave the company a “buy” rating in a research report on Wednesday, September 11th. Finally, 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 research note on Tuesday, September 10th. Five research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $36.80.

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.