HC Wainwright Reaffirms "Buy" Rating for ArriVent BioPharma (NASDAQ:AVBP)

ArriVent BioPharma (NASDAQ:AVBP - Get Free Report)'s stock had its "buy" rating reaffirmed by research analysts at HC Wainwright in a report issued on Friday,Benzinga reports. They presently have a $39.00 target price on the stock. HC Wainwright's price objective would indicate a potential upside of 73.49% from the stock's current price.

ArriVent BioPharma Price Performance

Shares of NASDAQ:AVBP traded up $0.75 during midday trading on Friday, hitting $22.48. The company had a trading volume of 208,478 shares, compared to its average volume of 166,225. The business's 50-day simple moving average is $25.99 and its 200-day simple moving average is $27.10. The stock has a market cap of $764.68 million, a price-to-earnings ratio of -8.75 and a beta of 1.02. ArriVent BioPharma has a twelve month low of $14.35 and a twelve month high of $36.37.

ArriVent BioPharma (NASDAQ:AVBP - Get Free Report) last issued its earnings results 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. As a group, sell-side analysts forecast that ArriVent BioPharma will post -2.74 EPS for the current year.

Institutional Trading of ArriVent BioPharma

Several hedge funds have recently made changes to their positions in AVBP. Suvretta Capital Management LLC lifted 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 valued at $59,833,000 after acquiring an additional 400,838 shares during the last quarter. FMR LLC raised its holdings in ArriVent BioPharma by 8.7% in the 3rd quarter. FMR LLC now owns 2,119,695 shares of the company's stock valued at $49,813,000 after buying an additional 169,514 shares during the period. Octagon Capital Advisors LP lifted its position in ArriVent BioPharma by 4.2% in the fourth quarter. Octagon Capital Advisors LP now owns 2,059,387 shares of the company's stock valued at $54,862,000 after buying an additional 83,000 shares during the last quarter. Infinitum Asset Management LLC purchased a new position in ArriVent BioPharma during the fourth quarter worth about $43,794,000. Finally, Novo Holdings A S increased its position in shares of ArriVent BioPharma by 1.0% during the fourth quarter. Novo Holdings A S now owns 1,520,627 shares of the company's stock valued at $40,510,000 after acquiring an additional 15,312 shares during the last quarter. Hedge funds and other institutional investors own 9.48% of the company's stock.

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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.