Novo Holdings A S Buys 422,860 Shares of ArriVent BioPharma, Inc. (NASDAQ:AVBP)

Novo Holdings A S increased its stake in shares of ArriVent BioPharma, Inc. (NASDAQ:AVBP - Free Report) by 39.3% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,500,000 shares of the company's stock after acquiring an additional 422,860 shares during the period. ArriVent BioPharma comprises approximately 1.4% of Novo Holdings A S's investment portfolio, making the stock its 24th largest holding. Novo Holdings A S owned 4.48% of ArriVent BioPharma worth $27,825,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. BNP Paribas Financial Markets bought a new stake in ArriVent BioPharma during the first quarter worth about $83,000. American International Group Inc. acquired a new position in ArriVent BioPharma during the first quarter worth approximately $87,000. Rhumbline Advisers increased its position in ArriVent BioPharma by 30.1% during the second quarter. Rhumbline Advisers now owns 12,707 shares of the company's stock worth $236,000 after buying an additional 2,942 shares during the last quarter. Blackstone Inc. acquired a new position in ArriVent BioPharma during the first quarter worth approximately $446,000. Finally, Bank of New York Mellon Corp increased its position in ArriVent BioPharma by 31.4% during the second quarter. Bank of New York Mellon Corp now owns 29,847 shares of the company's stock worth $554,000 after buying an additional 7,140 shares during the last quarter. Institutional investors own 9.48% of the company's stock.

ArriVent BioPharma Price Performance

Shares of ArriVent BioPharma stock traded up $0.24 on Monday, hitting $23.24. The stock had a trading volume of 33,516 shares, compared to its average volume of 177,223. ArriVent BioPharma, Inc. has a twelve month low of $14.35 and a twelve month high of $30.99. The business's 50 day moving average is $23.87 and its two-hundred day moving average is $20.09.

ArriVent BioPharma (NASDAQ:AVBP - Get Free Report) last posted its earnings results on Wednesday, August 14th. The company reported ($0.65) EPS for the quarter, meeting the consensus estimate of ($0.65). Equities research analysts expect that ArriVent BioPharma, Inc. will post -3.03 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on AVBP. HC Wainwright boosted their price target on ArriVent BioPharma from $30.00 to $36.00 and gave the stock a "buy" rating in a research report on Tuesday, September 10th. Oppenheimer reissued an "outperform" rating and set a $39.00 price target (up previously from $35.00) on shares of ArriVent BioPharma in a research report on Tuesday, September 10th. The Goldman Sachs Group boosted their price target on ArriVent BioPharma from $28.00 to $38.00 and gave the stock a "buy" rating in a research report on Tuesday, September 10th. Finally, Citigroup boosted their price target on ArriVent BioPharma from $30.00 to $36.00 and gave the stock a "buy" rating in a research report on Wednesday, September 11th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, ArriVent BioPharma currently has a consensus rating of "Buy" and an average target price of $36.80.

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.