ArriVent BioPharma (NASDAQ:AVBP) Coverage Initiated at Guggenheim

Analysts at Guggenheim started coverage on shares of ArriVent BioPharma (NASDAQ:AVBP - Get Free Report) in a report issued on Monday, MarketBeat reports. The firm set a "buy" rating and a $45.00 price target on the stock. Guggenheim's price target points to a potential upside of 106.90% from the company's previous close.

Separately, HC Wainwright reissued a "buy" rating and set a $39.00 target price 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, According to MarketBeat, ArriVent BioPharma currently has an average rating of "Buy" and a consensus price target of $39.40.

ArriVent BioPharma Stock Performance

Shares of AVBP stock traded down $0.70 during mid-day trading on Monday, hitting $21.75. The company's stock had a trading volume of 89,934 shares, compared to its average volume of 166,096. ArriVent BioPharma has a 52 week low of $14.35 and a 52 week high of $36.37. The company's fifty day simple moving average is $25.82 and its 200-day simple moving average is $27.05. The company has a market cap of $739.85 million, a PE ratio of -8.46 and a beta of 1.02.

ArriVent BioPharma (NASDAQ:AVBP - Get Free Report) last issued its earnings results on Monday, March 3rd. The company reported ($0.60) earnings per share for the quarter, topping analysts' consensus estimates of ($0.78) by $0.18. On average, equities analysts anticipate that ArriVent BioPharma will post -2.74 earnings per share for the current year.

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Hedge Funds Weigh In On ArriVent BioPharma

Institutional investors have recently modified their holdings of the company. MetLife Investment Management LLC increased its stake in ArriVent BioPharma by 6.8% during the 4th quarter. MetLife Investment Management LLC now owns 17,460 shares of the company's stock valued at $465,000 after purchasing an additional 1,110 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of ArriVent BioPharma during the fourth quarter valued at about $31,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of ArriVent BioPharma by 8.4% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,114 shares of the company's stock worth $456,000 after acquiring an additional 1,327 shares in the last quarter. Tower Research Capital LLC TRC raised its holdings in shares of ArriVent BioPharma by 773.8% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,599 shares of the company's stock worth $43,000 after acquiring an additional 1,416 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its holdings in shares of ArriVent BioPharma by 17.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 10,965 shares of the company's stock worth $293,000 after acquiring an additional 1,620 shares during 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.