ArriVent BioPharma (NASDAQ:AVBP) Sees Large Volume Increase - What's Next?

ArriVent BioPharma, Inc. (NASDAQ:AVBP - Get Free Report) saw an uptick in trading volume on Friday . 494,557 shares changed hands during mid-day trading, an increase of 197% from the previous session's volume of 166,502 shares.The stock last traded at $16.79 and had previously closed at $16.94.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. HC Wainwright reissued a "buy" rating and issued a $39.00 target price on shares of ArriVent BioPharma in a research report on Friday, March 7th. B. Riley initiated coverage on ArriVent BioPharma in a research report on Thursday, March 20th. They set a "buy" rating and a $37.00 price objective for the company. Finally, Guggenheim initiated coverage on shares of ArriVent BioPharma in a report on Monday, March 10th. They set a "buy" rating and a $45.00 target price on the stock. Five investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, ArriVent BioPharma currently has a consensus rating of "Buy" and a consensus price target of $39.00.

ArriVent BioPharma Trading Up 7.7 %

The firm has a market cap of $597.32 million, a P/E ratio of -6.83 and a beta of 1.66. The stock has a 50 day simple moving average of $22.29 and a 200-day simple moving average of $25.95.

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

Hedge Funds Weigh In On ArriVent BioPharma

A number of large investors have recently bought and sold shares of the business. Infinitum Asset Management LLC purchased a new stake in shares of ArriVent BioPharma during the fourth quarter valued at about $43,794,000. Suvretta Capital Management LLC grew its holdings in ArriVent BioPharma by 21.7% in the fourth quarter. Suvretta Capital Management LLC now owns 2,246,000 shares of the company's stock worth $59,833,000 after purchasing an additional 400,838 shares during the last quarter. Geode Capital Management LLC increased its position in shares of ArriVent BioPharma by 154.2% during the third quarter. Geode Capital Management LLC now owns 597,165 shares of the company's stock worth $14,036,000 after purchasing an additional 362,221 shares in the last quarter. State Street Corp lifted its holdings in shares of ArriVent BioPharma by 210.4% during the 3rd quarter. State Street Corp now owns 476,809 shares of the company's stock valued at $11,205,000 after purchasing an additional 323,186 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position 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 in the last quarter. Institutional investors own 9.48% of the company's stock.

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.