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

ArriVent BioPharma, Inc. (NASDAQ:AVBP) shares dropped 6.6% during trading 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

AVBP has been the subject of several recent research reports. HC Wainwright boosted their price target on ArriVent BioPharma from $30.00 to $36.00 and gave the stock a “buy” rating in a research report on Tuesday, September 10th. The Goldman Sachs Group increased their price target on ArriVent BioPharma from $28.00 to $38.00 and gave the company a “buy” rating in a research note on Tuesday, September 10th. Citigroup increased their price target on ArriVent BioPharma from $30.00 to $36.00 and gave the company a “buy” rating in a research note on Wednesday, September 11th. Finally, Oppenheimer reiterated an “outperform” rating and issued a $39.00 price target (up from $35.00) on shares of ArriVent BioPharma in a research note on Tuesday, September 10th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $36.80.

ArriVent BioPharma Stock Performance

The firm’s 50 day moving average is $27.99 and its 200-day moving average is $22.92.

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

Institutional Investors Weigh In On ArriVent BioPharma

Institutional investors have recently modified their holdings of the company. BNP Paribas Financial Markets acquired a new position in shares of ArriVent BioPharma in the first quarter valued at approximately $83,000. Vanguard Group Inc. purchased a new stake in shares of ArriVent BioPharma during the first quarter worth $11,586,000. American International Group Inc. acquired a new position in ArriVent BioPharma during the 1st quarter worth $87,000. Altitude Crest Partners Inc. acquired a new position in ArriVent BioPharma during the 1st quarter worth approximately $9,922,000. Finally, Hhlr Advisors LTD. purchased a new position in ArriVent BioPharma in the first quarter valued at $70,174,000. 9.48% of the stock is owned by institutional investors and hedge funds.

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.