ArriVent BioPharma, Inc. (NASDAQ:AVBP) Short Interest Update

ArriVent BioPharma, Inc. (NASDAQ:AVBP) saw a significant increase in short interest in 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 days-to-cover ratio is presently 13.4 days. Currently, 17.3% of the company’s stock are sold short.

Analyst Upgrades and Downgrades

AVBP has been the subject of several analyst reports. Oppenheimer reissued an “outperform” rating and set a $39.00 price target (up from $35.00) on shares of ArriVent BioPharma in a research report on Tuesday, September 10th. The Goldman Sachs Group increased their target price 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. Citigroup lifted their price target on shares of ArriVent BioPharma from $30.00 to $36.00 and gave the stock a “buy” rating in a report on Wednesday, September 11th. Finally, HC Wainwright increased their price objective on ArriVent BioPharma from $30.00 to $36.00 and gave the company a “buy” rating in a report on Tuesday, September 10th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $36.80.

ArriVent BioPharma Stock Up 1.6 %

NASDAQ AVBP opened at $28.24 on Monday. ArriVent BioPharma has a 12-month low of $14.35 and a 12-month high of $30.99. The company has a fifty day simple moving average of $24.85 and a two-hundred day simple moving average of $20.65.

ArriVent BioPharma (NASDAQ:AVBP) last issued its earnings results on Wednesday, August 14th. The company reported ($0.65) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.65). On average, research analysts expect that ArriVent BioPharma will post -3.03 earnings per share for the current year.

Institutional Investors Weigh In On ArriVent BioPharma

A number of institutional investors and hedge funds have recently modified their holdings of AVBP. Rhumbline Advisers increased its holdings in ArriVent BioPharma by 30.1% in the 2nd 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 period. AlphaCentric Advisors LLC increased its stake in shares of ArriVent BioPharma by 3.6% in the second quarter. AlphaCentric Advisors LLC now owns 86,000 shares of the company’s stock worth $1,595,000 after acquiring an additional 3,000 shares during the period. BNP Paribas Financial Markets acquired a new stake in shares of ArriVent BioPharma in the first quarter worth $83,000. American International Group Inc. purchased a new position in shares of ArriVent BioPharma during the first quarter worth $87,000. Finally, Bank of New York Mellon Corp lifted 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 valued at $554,000 after purchasing an additional 7,140 shares during the period. Institutional investors and hedge funds own 9.48% of the company’s stock.

About ArriVent BioPharma

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.