ArriVent BioPharma (NASDAQ:AVBP) Trading 3.2% Higher

ArriVent BioPharma, Inc. (NASDAQ:AVBP)’s share price rose 3.2% during mid-day trading on Friday . The stock traded as high as $27.51 and last traded at $27.46. Approximately 14,937 shares traded hands during mid-day trading, a decline of 89% from the average daily volume of 133,065 shares. The stock had previously closed at $26.60.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Oppenheimer reaffirmed an “outperform” rating and issued a $35.00 target price on shares of ArriVent BioPharma in a research report on Thursday, August 15th. HC Wainwright upped their target price on ArriVent BioPharma from $25.00 to $30.00 and gave the stock a “buy” rating in a research report on Friday, August 16th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, ArriVent BioPharma currently has a consensus rating of “Buy” and an average target price of $31.40.

ArriVent BioPharma Stock Performance

The stock has a fifty day moving average price of $22.00 and a 200 day moving average price of $19.61.

ArriVent BioPharma (NASDAQ:AVBP) last issued its quarterly earnings data on Wednesday, August 14th. The company reported ($0.65) EPS for the quarter, meeting analysts’ consensus estimates of ($0.65). Analysts expect that ArriVent BioPharma, Inc. will post -3.03 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in AVBP. Rhumbline Advisers grew its holdings in ArriVent BioPharma by 30.1% in the 2nd quarter. Rhumbline Advisers now owns 12,707 shares of the company’s stock valued at $236,000 after buying an additional 2,942 shares during the last quarter. AlphaCentric Advisors LLC grew its holdings in ArriVent BioPharma by 3.6% in the 2nd quarter. AlphaCentric Advisors LLC now owns 86,000 shares of the company’s stock valued at $1,595,000 after buying an additional 3,000 shares during the last quarter. BNP Paribas Financial Markets acquired a new stake in ArriVent BioPharma in the 1st quarter valued at approximately $83,000. American International Group Inc. acquired a new stake in ArriVent BioPharma in the 1st quarter valued at approximately $87,000. Finally, Bank of New York Mellon Corp grew its holdings in ArriVent BioPharma by 31.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 29,847 shares of the company’s stock valued at $554,000 after buying an additional 7,140 shares during the last quarter. 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.