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

ArriVent BioPharma, Inc. (NASDAQ:AVBP) was the recipient of a large 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 sold short. Based on an average daily trading volume, of 275,700 shares, the short-interest ratio is presently 11.3 days.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Barclays PLC lifted its stake in ArriVent BioPharma by 1,124.8% in the third quarter. Barclays PLC now owns 41,522 shares of the company’s stock valued at $976,000 after buying an additional 38,132 shares during the period. Geode Capital Management LLC raised its holdings in ArriVent BioPharma by 154.2% during the third quarter. Geode Capital Management LLC now owns 597,165 shares of the company’s stock worth $14,036,000 after buying an additional 362,221 shares during the last quarter. State Street Corp grew its holdings in shares of ArriVent BioPharma by 210.4% during the third quarter. State Street Corp now owns 476,809 shares of the company’s stock valued at $11,205,000 after buying an additional 323,186 shares during the last quarter. Suvretta Capital Management LLC increased its position in shares of ArriVent BioPharma by 7.7% during the third quarter. Suvretta Capital Management LLC now owns 1,845,162 shares of the company’s stock worth $43,361,000 after acquiring an additional 132,459 shares in the last quarter. Finally, MetLife Investment Management LLC lifted its position in ArriVent BioPharma by 168.9% in the 3rd quarter. MetLife Investment Management LLC now owns 16,350 shares of the company’s stock valued at $384,000 after acquiring an additional 10,269 shares in the last quarter. Institutional investors and hedge funds own 9.48% of the company’s stock.

ArriVent BioPharma Trading Down 1.3 %

Shares of NASDAQ:AVBP opened at $29.56 on Tuesday. ArriVent BioPharma has a 52 week low of $14.35 and a 52 week high of $36.37. The firm’s fifty day moving average is $28.77 and its 200-day moving average is $23.92.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on AVBP. HC Wainwright reissued a “buy” rating and issued a $36.00 target price on shares of ArriVent BioPharma in a research note on Friday, November 15th. Citigroup lifted their price objective 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 raised their target price on shares of ArriVent BioPharma from $28.00 to $38.00 and gave the stock a “buy” rating in a research note on Tuesday, September 10th. Finally, Oppenheimer reissued an “outperform” rating and issued a $39.00 price target (up from $35.00) on shares of ArriVent BioPharma in a report on Tuesday, September 10th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, ArriVent BioPharma presently has a consensus rating of “Buy” and a consensus price target of $36.80.

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.