ArriVent BioPharma (NASDAQ:AVBP) Stock Price Up 2.2% – Here’s Why

ArriVent BioPharma, Inc. (NASDAQ:AVBP) was up 2.2% on Friday . The stock traded as high as $19.00 and last traded at $18.99. Approximately 59,051 shares changed hands during trading, a decline of 64% from the average daily volume of 162,942 shares. The stock had previously closed at $18.57.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Guggenheim initiated coverage on ArriVent BioPharma in a report on Monday, March 10th. They issued a “buy” rating and a $45.00 target price on the stock. B. Riley assumed coverage on ArriVent BioPharma in a research note on Thursday, March 20th. They issued a “buy” rating and a $37.00 price objective on the stock. Finally, HC Wainwright reiterated a “buy” rating and issued a $39.00 target price on shares of ArriVent BioPharma in a research report on Friday, March 7th. Five analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $39.00.

ArriVent BioPharma Trading Up 2.0 %

The company has a market capitalization of $644.60 million, a P/E ratio of -7.37 and a beta of 1.00. The stock has a 50 day moving average price of $24.45 and a 200 day moving average price of $26.51.

ArriVent BioPharma (NASDAQ:AVBP) last posted its earnings results on Monday, March 3rd. The company reported ($0.60) EPS for the quarter, beating the consensus estimate of ($0.78) by $0.18. On average, research analysts predict that ArriVent BioPharma, Inc. will post -2.74 EPS for the current year.

Institutional Investors Weigh In On ArriVent BioPharma

A number of institutional investors have recently added to or reduced their stakes in AVBP. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of ArriVent BioPharma during the fourth quarter valued at $31,000. Tower Research Capital LLC TRC increased its holdings in ArriVent BioPharma by 773.8% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,599 shares of the company’s stock valued at $43,000 after purchasing an additional 1,416 shares during the period. Virtus ETF Advisers LLC bought a new position in ArriVent BioPharma during the 4th quarter worth $73,000. KLP Kapitalforvaltning AS acquired a new position in ArriVent BioPharma during the 4th quarter worth about $83,000. Finally, China Universal Asset Management Co. Ltd. bought a new stake in shares of ArriVent BioPharma in the 4th quarter valued at about $190,000. 9.48% of the stock is 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.