ArriVent BioPharma (NASDAQ:AVBP) Shares Down 6.6% – Time to Sell?

ArriVent BioPharma, Inc. (NASDAQ:AVBP)’s stock price traded down 6.6% during trading on Thursday . The company traded as low as $29.75 and last traded at $29.75. 9,475 shares were traded during mid-day trading, a decline of 94% from the average session volume of 171,900 shares. The stock had previously closed at $31.86.

Wall Street Analyst Weigh In

A number of analysts have weighed in on AVBP shares. The Goldman Sachs Group upped their target price on ArriVent BioPharma from $28.00 to $38.00 and gave the stock a “buy” rating in a report on Tuesday, September 10th. Citigroup boosted their target price on shares of ArriVent BioPharma from $30.00 to $36.00 and gave the stock a “buy” rating in a report on Wednesday, September 11th. Oppenheimer reiterated an “outperform” rating and set a $39.00 price objective (up previously from $35.00) on shares of ArriVent BioPharma in a research note on Tuesday, September 10th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $36.00 price target on shares of ArriVent BioPharma in a report on Friday. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, ArriVent BioPharma presently has a consensus rating of “Buy” and a consensus price target of $36.80.

ArriVent BioPharma Price Performance

The stock has a 50-day moving average of $28.01 and a 200 day moving average of $23.03.

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

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in AVBP. BNP Paribas Financial Markets acquired a new stake in ArriVent BioPharma in the 1st quarter valued at $83,000. American International Group Inc. purchased a new position in ArriVent BioPharma during the first quarter valued at $87,000. The Manufacturers Life Insurance Company acquired a new stake in shares of ArriVent BioPharma in the third quarter valued at about $240,000. SG Americas Securities LLC purchased a new stake in shares of ArriVent BioPharma during the third quarter worth about $280,000. Finally, Rhumbline Advisers lifted its stake 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 in the last quarter. 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.