ArriVent BioPharma (NASDAQ:AVBP) Stock Price Down 4.7% – What’s Next?

ArriVent BioPharma, Inc. (NASDAQ:AVBP) shares traded down 4.7% during mid-day trading on Tuesday . The stock traded as low as $19.18 and last traded at $19.27. 30,567 shares were traded during mid-day trading, a decline of 81% from the average session volume of 158,940 shares. The stock had previously closed at $20.21.

Wall Street Analysts Forecast Growth

Several research firms have commented on AVBP. Guggenheim initiated coverage on shares of ArriVent BioPharma in a research report on Monday, March 10th. They set a “buy” rating and a $45.00 price target for the company. B. Riley initiated coverage on shares of ArriVent BioPharma in a research note on Thursday, March 20th. They set a “buy” rating and a $37.00 price objective for the company. Finally, HC Wainwright reissued a “buy” rating and set a $39.00 target price on shares of ArriVent BioPharma in a research report on Friday, March 7th. Five investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, ArriVent BioPharma currently has an average rating of “Buy” and a consensus price target of $39.00.

ArriVent BioPharma Price Performance

The firm has a market cap of $631.68 million, a price-to-earnings ratio of -7.23 and a beta of 1.00. The firm has a fifty day simple moving average of $24.57 and a two-hundred day simple moving average of $26.56.

ArriVent BioPharma (NASDAQ:AVBP) last released its earnings results on Monday, March 3rd. The company reported ($0.60) EPS for the quarter, topping analysts’ consensus estimates of ($0.78) by $0.18. Equities analysts anticipate that ArriVent BioPharma, Inc. will post -2.74 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ArriVent BioPharma

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Suvretta Capital Management LLC lifted its position in ArriVent BioPharma by 21.7% during the fourth quarter. Suvretta Capital Management LLC now owns 2,246,000 shares of the company’s stock valued at $59,833,000 after purchasing an additional 400,838 shares during the period. FMR LLC lifted its holdings in shares of ArriVent BioPharma by 8.7% in the 3rd quarter. FMR LLC now owns 2,119,695 shares of the company’s stock valued at $49,813,000 after buying an additional 169,514 shares during the period. Octagon Capital Advisors LP lifted its holdings in shares of ArriVent BioPharma by 4.2% in the 4th quarter. Octagon Capital Advisors LP now owns 2,059,387 shares of the company’s stock valued at $54,862,000 after buying an additional 83,000 shares during the period. Infinitum Asset Management LLC purchased a new stake in shares of ArriVent BioPharma in the fourth quarter worth about $43,794,000. Finally, Novo Holdings A S grew its holdings in ArriVent BioPharma by 1.0% during the fourth quarter. Novo Holdings A S now owns 1,520,627 shares of the company’s stock worth $40,510,000 after acquiring an additional 15,312 shares during the period. 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.