ArriVent BioPharma, Inc. (NASDAQ:AVBP) Sees Significant Growth in Short Interest

ArriVent BioPharma, Inc. (NASDAQ:AVBP) was the recipient of a significant increase in short interest in September. As of September 15th, there was short interest totalling 1,860,000 shares, an increase of 13.4% from the August 31st total of 1,640,000 shares. Approximately 9.6% of the company’s stock are sold short. Based on an average trading volume of 234,300 shares, the days-to-cover ratio is currently 7.9 days.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on AVBP shares. Citigroup upped their price objective 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. The Goldman Sachs Group boosted their target price on ArriVent BioPharma from $28.00 to $38.00 and gave the stock a “buy” rating in a report on Tuesday, September 10th. Oppenheimer reiterated an “outperform” rating and set 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 boosted their price objective on shares of ArriVent BioPharma from $30.00 to $36.00 and gave the stock a “buy” rating in a research note on Tuesday, September 10th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $36.80.

ArriVent BioPharma Price Performance

Shares of NASDAQ AVBP traded up $0.33 during trading hours on Monday, hitting $23.33. 17,602 shares of the company’s stock were exchanged, compared to its average volume of 177,139. The company’s 50-day moving average price is $23.87 and its 200-day moving average price is $20.09. ArriVent BioPharma has a 1-year low of $14.35 and a 1-year high of $30.99.

ArriVent BioPharma (NASDAQ:AVBP) last posted its quarterly earnings data on Wednesday, August 14th. The company reported ($0.65) earnings per share for the quarter, meeting the consensus estimate of ($0.65). Research analysts anticipate that ArriVent BioPharma will post -3.03 EPS for the current year.

Institutional Trading of ArriVent BioPharma

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Novo Holdings A S lifted its stake in shares of ArriVent BioPharma by 39.3% in the second quarter. Novo Holdings A S now owns 1,500,000 shares of the company’s stock valued at $27,825,000 after buying an additional 422,860 shares during the period. Rhumbline Advisers lifted its position in shares of 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 acquiring an additional 2,942 shares during the period. Bank of New York Mellon Corp grew its holdings in shares of ArriVent BioPharma by 31.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 29,847 shares of the company’s stock worth $554,000 after purchasing an additional 7,140 shares in the last quarter. AlphaCentric Advisors LLC increased its position in shares of ArriVent BioPharma by 3.6% during the second quarter. AlphaCentric Advisors LLC now owns 86,000 shares of the company’s stock valued at $1,595,000 after purchasing an additional 3,000 shares during the period. Finally, Farallon Capital Management LLC acquired a new position in shares of ArriVent BioPharma in the first quarter valued at $2,711,000. 9.48% of the stock is currently owned by institutional investors and hedge funds.

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.