ArriVent BioPharma (NASDAQ:AVBP) Coverage Initiated by Analysts at Guggenheim

Guggenheim assumed coverage on shares of ArriVent BioPharma (NASDAQ:AVBP) in a report issued on Monday,Briefing.com Automated Import reports. The brokerage set a “buy” rating and a $45.00 price target on the stock. Guggenheim’s target price suggests a potential upside of 105.76% from the company’s previous close.

Separately, HC Wainwright reissued a “buy” rating and issued a $39.00 target price on shares of ArriVent BioPharma in a report on Friday. Five investment 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 price target of $39.40.

ArriVent BioPharma Stock Up 0.3 %

AVBP opened at $21.87 on Monday. ArriVent BioPharma has a twelve month low of $14.35 and a twelve month high of $36.37. The company has a 50-day simple moving average of $26.10 and a 200 day simple moving average of $27.11. The stock has a market capitalization of $743.93 million, a price-to-earnings ratio of -8.51 and a beta of 1.00.

ArriVent BioPharma (NASDAQ:AVBP) last posted its quarterly earnings data on Monday, March 3rd. The company reported ($0.60) earnings per share for the quarter, topping the consensus estimate of ($0.78) by $0.18. Sell-side analysts anticipate that ArriVent BioPharma will post -2.74 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in AVBP. Charles Schwab Investment Management Inc. increased its stake in shares of ArriVent BioPharma by 153.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 202,368 shares of the company’s stock valued at $4,756,000 after buying an additional 122,641 shares during the period. Geode Capital Management LLC increased its stake in shares of ArriVent BioPharma by 154.2% in the third quarter. Geode Capital Management LLC now owns 597,165 shares of the company’s stock valued at $14,036,000 after buying an additional 362,221 shares during the period. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of ArriVent BioPharma in the fourth quarter valued at approximately $31,000. Barclays PLC increased its stake in shares of 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. Finally, State Street Corp increased its stake in shares of ArriVent BioPharma by 210.4% in 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 period. Institutional investors 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.