Wellington Management Group LLP Buys New Position in ArriVent BioPharma, Inc. (NASDAQ:AVBP)

Wellington Management Group LLP acquired a new position in shares of ArriVent BioPharma, Inc. (NASDAQ:AVBP - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 41,921 shares of the company's stock, valued at approximately $1,117,000. Wellington Management Group LLP owned about 0.12% of ArriVent BioPharma at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of AVBP. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of ArriVent BioPharma in the fourth quarter valued at $31,000. KLP Kapitalforvaltning AS purchased a new position in ArriVent BioPharma during the 4th quarter valued at about $83,000. China Universal Asset Management Co. Ltd. purchased a new stake in ArriVent BioPharma during the fourth quarter worth about $190,000. New York State Common Retirement Fund lifted its position in shares of ArriVent BioPharma by 34.6% during the fourth quarter. New York State Common Retirement Fund now owns 7,783 shares of the company's stock worth $207,000 after purchasing an additional 2,000 shares in the last quarter. Finally, The Manufacturers Life Insurance Company acquired a new stake in shares of ArriVent BioPharma during the third quarter worth about $240,000. 9.48% of the stock is currently owned by hedge funds and other institutional investors.

ArriVent BioPharma Price Performance

Shares of AVBP traded up $0.24 during midday trading on Friday, reaching $18.14. The stock had a trading volume of 179,598 shares, compared to its average volume of 170,960. The company has a market cap of $617.05 million, a price-to-earnings ratio of -7.06 and a beta of 1.66. The company's fifty day simple moving average is $21.15 and its two-hundred day simple moving average is $25.71. ArriVent BioPharma, Inc. has a 1-year low of $14.35 and a 1-year high of $36.37.

ArriVent BioPharma (NASDAQ:AVBP - Get Free Report) last posted its quarterly earnings results 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, sell-side analysts forecast that ArriVent BioPharma, Inc. will post -2.74 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on AVBP. HC Wainwright reaffirmed a "buy" rating and set a $39.00 target price on shares of ArriVent BioPharma in a research note on Friday, March 7th. Guggenheim began coverage on shares of ArriVent BioPharma in a research note on Monday, March 10th. They issued a "buy" rating and a $45.00 price target for the company. Finally, 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 objective on the stock. Five analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, ArriVent BioPharma presently has a consensus rating of "Buy" and a consensus price target of $39.00.

ArriVent BioPharma 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.