ArriVent BioPharma (NASDAQ:AVBP) Shares Gap Down to $23.94

ArriVent BioPharma, Inc. (NASDAQ:AVBP) shares gapped down before the market opened on Wednesday . The stock had previously closed at $23.94, but opened at $23.22. ArriVent BioPharma shares last traded at $23.84, with a volume of 45,354 shares changing hands.

Analyst Ratings Changes

Several analysts have weighed in on AVBP shares. Oppenheimer reissued an “outperform” rating and set a $39.00 target price (up previously from $35.00) on shares of ArriVent BioPharma in a research report on Tuesday, September 10th. The Goldman Sachs Group upped their target price on ArriVent BioPharma from $28.00 to $38.00 and gave the company a “buy” rating in a research report on Tuesday, September 10th. HC Wainwright lifted their price target on ArriVent BioPharma from $30.00 to $36.00 and gave the stock a “buy” rating in a research report on Tuesday, September 10th. Finally, Citigroup boosted their price target on ArriVent BioPharma from $30.00 to $36.00 and gave the company a “buy” rating in a research note on Wednesday, September 11th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $36.80.

ArriVent BioPharma Stock Up 2.6 %

The stock’s 50 day moving average price is $23.37 and its two-hundred day moving average price is $19.95.

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

Institutional Trading of ArriVent BioPharma

A number of hedge funds have recently modified their holdings of the stock. Rhumbline Advisers lifted its holdings in ArriVent BioPharma by 30.1% in the second quarter. Rhumbline Advisers now owns 12,707 shares of the company’s stock valued at $236,000 after acquiring an additional 2,942 shares during the period. AlphaCentric Advisors LLC increased its holdings in shares of ArriVent BioPharma by 3.6% during the 2nd 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 in the last quarter. BNP Paribas Financial Markets acquired a new position in shares of ArriVent BioPharma in the 1st quarter valued at $83,000. American International Group Inc. acquired a new position in shares of ArriVent BioPharma in the 1st quarter valued at $87,000. Finally, Bank of New York Mellon Corp boosted its holdings 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 worth $554,000 after buying an additional 7,140 shares in the last quarter. Hedge funds and other institutional investors own 9.48% of the company’s stock.

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.