Suvretta Capital Management LLC Purchases 132,459 Shares of ArriVent BioPharma, Inc. (NASDAQ:AVBP)

Suvretta Capital Management LLC lifted its position in shares of ArriVent BioPharma, Inc. (NASDAQ:AVBP - Free Report) by 7.7% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,845,162 shares of the company's stock after buying an additional 132,459 shares during the quarter. ArriVent BioPharma comprises 1.4% of Suvretta Capital Management LLC's holdings, making the stock its 25th biggest position. Suvretta Capital Management LLC owned 5.49% of ArriVent BioPharma worth $43,361,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. American International Group Inc. acquired a new stake in ArriVent BioPharma during the first quarter worth approximately $87,000. Rhumbline Advisers raised its holdings in ArriVent BioPharma by 30.1% in the 2nd quarter. Rhumbline Advisers now owns 12,707 shares of the company's stock valued at $236,000 after acquiring an additional 2,942 shares in the last quarter. The Manufacturers Life Insurance Company bought a new stake in shares of ArriVent BioPharma during the 3rd quarter valued at $240,000. SG Americas Securities LLC acquired a new stake in shares of ArriVent BioPharma during the 3rd quarter worth $280,000. Finally, MetLife Investment Management LLC increased its position in shares of ArriVent BioPharma by 168.9% in the third quarter. MetLife Investment Management LLC now owns 16,350 shares of the company's stock worth $384,000 after purchasing an additional 10,269 shares during the period. Institutional investors own 9.48% of the company's stock.

ArriVent BioPharma Trading Up 2.9 %

Shares of AVBP traded up $0.85 during mid-day trading on Friday, reaching $29.96. The company had a trading volume of 161,986 shares, compared to its average volume of 173,952. The company's 50 day simple moving average is $28.53 and its 200 day simple moving average is $23.70. ArriVent BioPharma, Inc. has a 1-year low of $14.35 and a 1-year high of $36.37.

Analysts Set New Price Targets

A number of brokerages have issued reports on AVBP. Oppenheimer reiterated an "outperform" rating and set a $39.00 price objective (up from $35.00) on shares of ArriVent BioPharma in a research note on Tuesday, September 10th. Citigroup increased their price target on shares of ArriVent BioPharma from $30.00 to $36.00 and gave the stock a "buy" rating in a research report on Wednesday, September 11th. The Goldman Sachs Group lifted their price objective on shares of ArriVent BioPharma from $28.00 to $38.00 and gave the company a "buy" rating in a research note on Tuesday, September 10th. Finally, HC Wainwright restated a "buy" rating and set a $36.00 target price on shares of ArriVent BioPharma in a research note on Friday, November 15th. Five analysts have rated the stock with a buy rating, According to MarketBeat, ArriVent BioPharma presently has an average 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.