ArriVent BioPharma, Inc. (NASDAQ:AVBP) Short Interest Up 80.1% in September

ArriVent BioPharma, Inc. (NASDAQ:AVBP - Get Free Report) was the target of a significant increase in short interest during the month of September. As of September 30th, there was short interest totalling 3,350,000 shares, an increase of 80.1% from the September 15th total of 1,860,000 shares. Based on an average daily volume of 249,500 shares, the short-interest ratio is currently 13.4 days. Currently, 17.3% of the shares of the stock are sold short.

Institutional Trading of ArriVent BioPharma

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Rhumbline Advisers increased its stake in ArriVent BioPharma by 30.1% in the second quarter. Rhumbline Advisers now owns 12,707 shares of the company's stock valued at $236,000 after acquiring an additional 2,942 shares during the period. AlphaCentric Advisors LLC boosted its position in ArriVent BioPharma by 3.6% in the second quarter. AlphaCentric Advisors LLC now owns 86,000 shares of the company's stock valued at $1,595,000 after buying an additional 3,000 shares in the last quarter. BNP Paribas Financial Markets acquired a new position in ArriVent BioPharma in the first quarter valued at about $83,000. American International Group Inc. acquired a new position in ArriVent BioPharma in the first quarter valued at about $87,000. Finally, Bank of New York Mellon Corp boosted its position in ArriVent BioPharma by 31.4% in the second quarter. Bank of New York Mellon Corp now owns 29,847 shares of the company's stock valued at $554,000 after buying an additional 7,140 shares in the last quarter. 9.48% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

AVBP has been the topic of a number of recent analyst reports. HC Wainwright boosted their price target on shares of ArriVent BioPharma from $30.00 to $36.00 and gave the company a "buy" rating in a report on Tuesday, September 10th. Oppenheimer restated an "outperform" rating and issued a $39.00 price target (up previously from $35.00) on shares of ArriVent BioPharma in a research report on Tuesday, September 10th. Citigroup upped their price target on shares of ArriVent BioPharma from $30.00 to $36.00 and gave the company a "buy" rating in a research report on Wednesday, September 11th. Finally, The Goldman Sachs Group upped their price target on shares of ArriVent BioPharma from $28.00 to $38.00 and gave the company a "buy" rating in a research report on Tuesday, September 10th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat, ArriVent BioPharma presently has a consensus rating of "Buy" and a consensus price target of $36.80.

ArriVent BioPharma Stock Up 1.6 %

Shares of ArriVent BioPharma stock traded up $0.45 during midday trading on Friday, reaching $28.24. 195,195 shares of the company's stock traded hands, compared to its average volume of 178,017. The company's 50 day simple moving average is $24.85 and its 200 day simple moving average is $20.63. ArriVent BioPharma has a 52 week low of $14.35 and a 52 week high of $30.99.

ArriVent BioPharma (NASDAQ:AVBP - Get Free Report) last posted its earnings results on Wednesday, August 14th. The company reported ($0.65) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of ($0.65). Sell-side analysts forecast that ArriVent BioPharma will post -3.03 earnings per share for the current fiscal year.

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.