ArriVent BioPharma (NASDAQ:AVBP) Trading 2.2% Higher - Time to Buy?

ArriVent BioPharma, Inc. (NASDAQ:AVBP - Get Free Report)'s stock price was up 2.2% on Friday . The stock traded as high as $19.00 and last traded at $18.99. Approximately 59,051 shares traded hands during mid-day trading, a decline of 64% from the average daily volume of 162,942 shares. The stock had previously closed at $18.57.

Analyst Ratings Changes

Several analysts recently issued reports on AVBP shares. HC Wainwright reaffirmed a "buy" rating and set a $39.00 price objective on shares of ArriVent BioPharma in a research note on Friday, March 7th. B. Riley began coverage on ArriVent BioPharma in a research report on Thursday, March 20th. They set a "buy" rating and a $37.00 price objective on the stock. Finally, Guggenheim started coverage on ArriVent BioPharma in a report on Monday, March 10th. They issued a "buy" rating and a $45.00 target price for the company. Five equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, ArriVent BioPharma presently has an average rating of "Buy" and an average target price of $39.00.

ArriVent BioPharma Price Performance

The company has a market cap of $613.31 million, a price-to-earnings ratio of -7.02 and a beta of 1.00. The firm has a 50 day simple moving average of $24.08 and a 200-day simple moving average of $26.37.

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 (EPS) for the quarter, topping analysts' consensus estimates of ($0.78) by $0.18. Research analysts anticipate that ArriVent BioPharma, Inc. will post -2.74 EPS for the current fiscal year.

Hedge Funds Weigh In On ArriVent BioPharma

Several large investors have recently made changes to their positions in AVBP. MetLife Investment Management LLC increased its holdings in ArriVent BioPharma by 6.8% in 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 during the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of ArriVent BioPharma in the fourth quarter valued at $31,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of ArriVent BioPharma by 8.4% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,114 shares of the company's stock valued at $456,000 after buying an additional 1,327 shares during the period. Tower Research Capital LLC TRC lifted its stake in ArriVent BioPharma by 773.8% during 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 in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its holdings in ArriVent BioPharma by 17.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 10,965 shares of the company's stock valued at $293,000 after acquiring an additional 1,620 shares during the period. 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.