ArriVent BioPharma (NASDAQ:AVBP) Shares Gap Up - What's Next?

ArriVent BioPharma, Inc. (NASDAQ:AVBP - Get Free Report)'s stock price gapped up before the market opened on Thursday . The stock had previously closed at $19.60, but opened at $20.19. ArriVent BioPharma shares last traded at $20.04, with a volume of 6,378 shares traded.

Analysts Set New Price Targets

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

ArriVent BioPharma Stock Up 2.3 %

The firm has a 50 day simple moving average of $24.92 and a two-hundred day simple moving average of $26.73. The stock has a market capitalization of $679.30 million, a P/E ratio of -7.77 and a beta of 1.00.

ArriVent BioPharma (NASDAQ:AVBP - Get Free Report) last released 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, research analysts predict that ArriVent BioPharma, Inc. 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 added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. grew its stake in shares of ArriVent BioPharma by 153.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 202,368 shares of the company's stock worth $4,756,000 after buying an additional 122,641 shares during the last quarter. Geode Capital Management LLC grew its position in ArriVent BioPharma by 154.2% during the 3rd quarter. Geode Capital Management LLC now owns 597,165 shares of the company's stock worth $14,036,000 after acquiring an additional 362,221 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new position in ArriVent BioPharma in the 4th quarter worth about $31,000. Barclays PLC raised its position in ArriVent BioPharma by 1,124.8% in the third quarter. Barclays PLC now owns 41,522 shares of the company's stock valued at $976,000 after purchasing an additional 38,132 shares during the last quarter. Finally, State Street Corp boosted its stake in shares of ArriVent BioPharma by 210.4% during the third 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 in the last quarter. 9.48% of the stock is currently 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.