Short Interest in ArriVent BioPharma, Inc. (NASDAQ:AVBP) Decreases By 11.9%

ArriVent BioPharma, Inc. (NASDAQ:AVBP - Get Free Report) was the target of a significant decline in short interest during the month of November. As of November 15th, there was short interest totalling 3,120,000 shares, a decline of 11.9% from the October 31st total of 3,540,000 shares. Approximately 16.1% of the company's stock are short sold. Based on an average daily volume of 275,700 shares, the days-to-cover ratio is presently 11.3 days.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on AVBP shares. The Goldman Sachs Group raised their target price on ArriVent BioPharma from $28.00 to $38.00 and gave the company a "buy" rating in a research report on Tuesday, September 10th. Citigroup boosted their target price on shares of ArriVent BioPharma from $30.00 to $36.00 and gave the company a "buy" rating in a research note on Wednesday, September 11th. Oppenheimer reaffirmed an "outperform" rating and issued a $39.00 price target (up previously from $35.00) on shares of ArriVent BioPharma in a report on Tuesday, September 10th. Finally, HC Wainwright reissued a "buy" rating and set a $36.00 price objective on shares of ArriVent BioPharma in a report on Friday, November 15th. Five research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $36.80.

ArriVent BioPharma Trading Up 2.9 %

Shares of NASDAQ:AVBP traded up $0.85 during trading on Friday, hitting $29.96. 161,986 shares of the company were exchanged, compared to its average volume of 164,486. ArriVent BioPharma has a 52-week low of $14.35 and a 52-week high of $36.37. The stock has a 50 day moving average of $28.63 and a 200 day moving average of $23.82.

Institutional Investors Weigh In On ArriVent BioPharma

Several hedge funds and other institutional investors have recently modified their holdings of AVBP. Vanguard Group Inc. bought a new stake in ArriVent BioPharma during the first quarter valued at approximately $11,586,000. Novo Holdings A S lifted its holdings in shares of ArriVent BioPharma by 39.3% during the 2nd quarter. Novo Holdings A S now owns 1,500,000 shares of the company's stock worth $27,825,000 after acquiring an additional 422,860 shares during the last quarter. Geode Capital Management LLC grew its position in ArriVent BioPharma by 154.2% in the third 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 in the last quarter. State Street Corp grew its position in ArriVent BioPharma by 210.4% in the third quarter. State Street Corp now owns 476,809 shares of the company's stock worth $11,205,000 after acquiring an additional 323,186 shares in the last quarter. Finally, FMR LLC increased its stake in ArriVent BioPharma by 8.7% in the third quarter. FMR LLC now owns 2,119,695 shares of the company's stock valued at $49,813,000 after acquiring an additional 169,514 shares during the last quarter. 9.48% of the stock is currently owned by institutional investors.

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.