The Goldman Sachs Group Boosts ArriVent BioPharma (NASDAQ:AVBP) Price Target to $38.00

ArriVent BioPharma (NASDAQ:AVBP) had its price objective boosted by The Goldman Sachs Group from $28.00 to $38.00 in a research note issued to investors on Tuesday, Benzinga reports. They currently have a buy rating on the stock.

A number of other analysts have also recently commented on the stock. HC Wainwright upped their price target on shares of ArriVent BioPharma from $30.00 to $36.00 and gave the company a buy rating in a research report on Tuesday. Oppenheimer reaffirmed an outperform rating and set a $35.00 price target on shares of ArriVent BioPharma in a research report on Thursday, August 15th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has a consensus rating of Buy and an average target price of $36.80.

ArriVent BioPharma Stock Performance

Shares of NASDAQ:AVBP opened at $23.79 on Tuesday. The business has a 50 day moving average of $22.81 and a 200-day moving average of $19.82. ArriVent BioPharma has a 12-month low of $14.35 and a 12-month high of $30.99.

ArriVent BioPharma (NASDAQ:AVBP) last announced its quarterly earnings results on Wednesday, August 14th. The company reported ($0.65) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.65). As a group, analysts expect that ArriVent BioPharma will post -3.03 EPS for the current year.

Hedge Funds Weigh In On ArriVent BioPharma

Several large investors have recently added to or reduced their stakes in AVBP. BNP Paribas Financial Markets purchased a new stake in ArriVent BioPharma in the 1st quarter valued at about $83,000. American International Group Inc. purchased a new stake in shares of ArriVent BioPharma during the first quarter worth $87,000. Rhumbline Advisers lifted its position in shares of ArriVent BioPharma by 30.1% during the second quarter. Rhumbline Advisers now owns 12,707 shares of the company’s stock worth $236,000 after acquiring an additional 2,942 shares in the last quarter. Blackstone Inc. purchased a new stake in shares of ArriVent BioPharma during the first quarter worth $446,000. Finally, Bank of New York Mellon Corp increased its holdings in shares of ArriVent BioPharma by 31.4% in the second 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 during the period. 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.