ArriVent BioPharma, Inc. (NASDAQ:AVBP) Receives Average Rating of “Buy” from Analysts

Shares of ArriVent BioPharma, Inc. (NASDAQ:AVBP) have been assigned a consensus recommendation of “Buy” from the six brokerages that are covering the stock, MarketBeat reports. Five research analysts have rated the stock with a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $39.00.

AVBP has been the topic of a number of research analyst reports. HC Wainwright reaffirmed a “buy” rating and set a $39.00 price target on shares of ArriVent BioPharma in a research report on Friday, March 7th. Guggenheim initiated coverage on shares of ArriVent BioPharma in a report on Monday, March 10th. They set a “buy” rating and a $45.00 target price on the stock. Finally, B. Riley assumed coverage on shares of ArriVent BioPharma in a report on Thursday, March 20th. They issued a “buy” rating and a $37.00 price target for the company.

Hedge Funds Weigh In On ArriVent BioPharma

Several hedge funds have recently made changes to their positions in AVBP. Geode Capital Management LLC boosted 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 worth $14,036,000 after purchasing an additional 362,221 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of ArriVent BioPharma during the 4th quarter worth about $31,000. Barclays PLC grew its holdings 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 acquiring an additional 38,132 shares in the last quarter. State Street Corp grew 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 acquiring an additional 323,186 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its position in shares of ArriVent BioPharma by 183.2% in the third quarter. JPMorgan Chase & Co. now owns 12,445 shares of the company’s stock valued at $292,000 after acquiring an additional 8,050 shares during the last quarter. 9.48% of the stock is owned by institutional investors.

ArriVent BioPharma Stock Performance

Shares of NASDAQ:AVBP opened at $18.14 on Monday. The company has a 50 day moving average price of $20.97 and a two-hundred day moving average price of $25.68. The company has a market capitalization of $617.05 million, a PE ratio of -7.06 and a beta of 1.66. ArriVent BioPharma has a 52 week low of $14.35 and a 52 week high of $36.37.

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

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.