ArriVent BioPharma (NASDAQ:AVBP) Shares Down 4.7% – Time to Sell?

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

Wall Street Analyst Weigh In

Several brokerages have recently commented on AVBP. B. Riley started coverage on ArriVent BioPharma in a research note on Thursday, March 20th. They issued a “buy” rating and a $37.00 price target on the stock. Guggenheim assumed coverage on shares of ArriVent BioPharma in a research note on Monday, March 10th. They set a “buy” rating and a $45.00 target price for the company. Finally, HC Wainwright reissued a “buy” rating and issued a $39.00 price target on shares of ArriVent BioPharma in a research note on Friday, March 7th. Five equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $39.00.

ArriVent BioPharma Stock Down 6.0 %

The firm has a market cap of $645.96 million, a price-to-earnings ratio of -7.39 and a beta of 1.00. The company’s 50-day moving average price is $24.82 and its 200-day moving average price is $26.68.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of AVBP. Charles Schwab Investment Management Inc. boosted its stake in shares of ArriVent BioPharma by 153.8% in the 3rd 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 period. Geode Capital Management LLC lifted its stake in ArriVent BioPharma by 154.2% in the third quarter. Geode Capital Management LLC now owns 597,165 shares of the company’s stock worth $14,036,000 after acquiring an additional 362,221 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new position in ArriVent BioPharma during the 4th quarter worth approximately $31,000. Barclays PLC increased its position in shares of ArriVent BioPharma by 1,124.8% in the 3rd quarter. Barclays PLC now owns 41,522 shares of the company’s stock valued at $976,000 after purchasing an additional 38,132 shares during the last quarter. Finally, State Street Corp raised its holdings in shares of ArriVent BioPharma by 210.4% in the 3rd quarter. State Street Corp now owns 476,809 shares of the company’s stock valued at $11,205,000 after purchasing an additional 323,186 shares in the last quarter. 9.48% of the stock is owned by institutional investors and hedge funds.

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.