ArriVent BioPharma (NASDAQ:AVBP) Stock Rating Upgraded by B. Riley

B. Riley upgraded shares of ArriVent BioPharma (NASDAQ:AVBP - Free Report) to a strong-buy rating in a research report report published on Wednesday,Zacks.com reports.

Several other brokerages also recently issued reports on AVBP. Guggenheim started coverage on ArriVent BioPharma in a research report on Monday, March 10th. They set a "buy" rating and a $45.00 price objective for the company. HC Wainwright reissued a "buy" rating and issued a $39.00 price target 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 and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $39.00.

ArriVent BioPharma Price Performance

NASDAQ:AVBP traded down $1.22 during midday trading on Wednesday, reaching $18.99. 214,175 shares of the company traded hands, compared to its average volume of 158,940. The firm has a market capitalization of $645.96 million, a price-to-earnings ratio of -7.39 and a beta of 1.00. The company has a fifty day moving average price of $24.82 and a 200 day moving average price of $26.68. ArriVent BioPharma has a twelve month low of $14.35 and a twelve month high of $36.37.

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ArriVent BioPharma (NASDAQ:AVBP - Get Free Report) last issued its quarterly earnings data on Monday, March 3rd. The company reported ($0.60) earnings per share for the quarter, beating the consensus estimate of ($0.78) by $0.18. On average, equities research analysts forecast that ArriVent BioPharma will post -2.74 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ArriVent BioPharma

Several hedge funds have recently modified their holdings of AVBP. Charles Schwab Investment Management Inc. grew its stake in shares of ArriVent BioPharma by 153.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 202,368 shares of the company's stock worth $4,756,000 after purchasing an additional 122,641 shares during the last quarter. The Manufacturers Life Insurance Company acquired a new position in shares of ArriVent BioPharma in the 3rd quarter valued at $240,000. FMR LLC increased its stake in ArriVent BioPharma by 8.7% in the 3rd quarter. FMR LLC now owns 2,119,695 shares of the company's stock worth $49,813,000 after purchasing an additional 169,514 shares in the last quarter. BNP Paribas Financial Markets raised its holdings in ArriVent BioPharma by 32.6% during the 3rd quarter. BNP Paribas Financial Markets now owns 21,965 shares of the company's stock worth $516,000 after buying an additional 5,397 shares during the period. Finally, MetLife Investment Management LLC lifted its stake in ArriVent BioPharma by 168.9% during the third quarter. MetLife Investment Management LLC now owns 16,350 shares of the company's stock valued at $384,000 after buying an additional 10,269 shares in the last quarter. 9.48% of the stock is currently 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.