ArriVent BioPharma (NASDAQ:AVBP) Shares Gap Up – Still a Buy?

ArriVent BioPharma, Inc. (NASDAQ:AVBP) gapped up before the market opened on Thursday . The stock had previously closed at $19.60, but opened at $20.19. ArriVent BioPharma shares last traded at $20.04, with a volume of 6,378 shares trading hands.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on AVBP. Guggenheim began 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 on the stock. HC Wainwright reissued a “buy” rating and set a $39.00 price objective on shares of ArriVent BioPharma in a research note on Friday, March 7th. Finally, B. Riley started coverage on shares of ArriVent BioPharma in a research note on Thursday. They set a “buy” rating and a $37.00 price objective on the stock. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, ArriVent BioPharma currently has a consensus rating of “Buy” and an average target price of $39.00.

ArriVent BioPharma Price Performance

The company has a market cap of $672.84 million, a P/E ratio of -7.73 and a beta of 1.00. The stock’s 50-day moving average is $25.18 and its two-hundred day moving average is $26.82.

ArriVent BioPharma (NASDAQ:AVBP) last issued its quarterly earnings data on Monday, March 3rd. The company reported ($0.60) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.78) by $0.18. On average, analysts predict that ArriVent BioPharma, Inc. will post -2.74 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. increased its holdings in ArriVent BioPharma by 153.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 202,368 shares of the company’s stock valued at $4,756,000 after buying an additional 122,641 shares during the last quarter. Geode Capital Management LLC increased its holdings in ArriVent BioPharma by 154.2% during the third quarter. Geode Capital Management LLC now owns 597,165 shares of the company’s stock valued at $14,036,000 after buying an additional 362,221 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new stake in ArriVent BioPharma during the fourth quarter valued at approximately $31,000. Barclays PLC increased its holdings in ArriVent BioPharma by 1,124.8% during the third quarter. Barclays PLC now owns 41,522 shares of the company’s stock valued at $976,000 after buying an additional 38,132 shares during the last quarter. Finally, State Street Corp increased its holdings in ArriVent BioPharma by 210.4% during the third quarter. State Street Corp now owns 476,809 shares of the company’s stock valued at $11,205,000 after buying an additional 323,186 shares during the last quarter. Institutional investors own 9.48% of the company’s stock.

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.