ArriVent BioPharma (NASDAQ:AVBP) Sees Large Volume Increase

ArriVent BioPharma, Inc. (NASDAQ:AVBP) saw unusually-strong trading volume on Monday . Approximately 60,541 shares traded hands during mid-day trading, a decline of 55% from the previous session’s volume of 134,831 shares.The stock last traded at $30.69 and had previously closed at $28.01.

Analysts Set New Price Targets

Several research analysts have weighed in on AVBP shares. Oppenheimer reissued an “outperform” rating and issued a $35.00 price objective on shares of ArriVent BioPharma in a research report on Thursday, August 15th. HC Wainwright boosted their price objective on ArriVent BioPharma from $25.00 to $30.00 and gave the stock a “buy” rating in a research report on Friday, August 16th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat, ArriVent BioPharma presently has an average rating of “Buy” and an average price target of $31.40.

ArriVent BioPharma Price Performance

The company has a 50 day simple moving average of $22.19 and a 200-day simple moving average of $19.64.

ArriVent BioPharma (NASDAQ:AVBP) last issued its earnings results on Wednesday, August 14th. The company reported ($0.65) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.65). On average, equities research analysts predict that ArriVent BioPharma, Inc. will post -3.03 EPS for the current year.

Institutional Trading of ArriVent BioPharma

Several hedge funds have recently made changes to their positions in AVBP. BNP Paribas Financial Markets bought a new stake in shares of ArriVent BioPharma during the 1st quarter valued at $83,000. American International Group Inc. bought a new stake in shares of ArriVent BioPharma during the 1st quarter valued at $87,000. Rhumbline Advisers raised its stake in shares of ArriVent BioPharma by 30.1% during the 2nd quarter. Rhumbline Advisers now owns 12,707 shares of the company’s stock valued at $236,000 after purchasing an additional 2,942 shares during the period. Blackstone Inc. bought a new position in ArriVent BioPharma in the 1st quarter worth 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 worth $554,000 after acquiring an additional 7,140 shares during the last quarter. 9.48% of the stock is currently owned by institutional investors.

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.