ArriVent BioPharma (NASDAQ:AVBP) Rating Increased to Strong-Buy at B. Riley

ArriVent BioPharma (NASDAQ:AVBP) was upgraded by equities researchers at B. Riley to a “strong-buy” rating in a report issued on Wednesday,Zacks.com reports.

Several other equities research analysts have also recently commented on AVBP. HC Wainwright reiterated a “buy” rating and set a $39.00 price target on shares of ArriVent BioPharma in a research report on Friday, March 7th. Guggenheim initiated coverage on shares of ArriVent BioPharma in a research report on Monday, March 10th. They set a “buy” rating and a $45.00 price target for the company. Five equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $39.00.

ArriVent BioPharma Trading Down 0.3 %

AVBP opened at $19.54 on Wednesday. The stock has a market capitalization of $664.67 million, a PE ratio of -7.60 and a beta of 1.00. ArriVent BioPharma has a 1-year low of $14.35 and a 1-year high of $36.37. The firm has a 50-day moving average price of $25.03 and a two-hundred day moving average price of $26.77.

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, beating the consensus estimate of ($0.78) by $0.18. On average, research analysts predict that ArriVent BioPharma will post -2.74 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of AVBP. Infinitum Asset Management LLC acquired a new position in ArriVent BioPharma during the fourth quarter valued at approximately $43,794,000. Suvretta Capital Management LLC grew its holdings in ArriVent BioPharma by 21.7% during the fourth quarter. Suvretta Capital Management LLC now owns 2,246,000 shares of the company’s stock valued at $59,833,000 after purchasing an additional 400,838 shares during the period. Geode Capital Management LLC grew its holdings in ArriVent BioPharma by 154.2% during the third quarter. Geode Capital Management LLC now owns 597,165 shares of the company’s stock valued at $14,036,000 after purchasing an additional 362,221 shares during the period. State Street Corp grew its holdings in ArriVent BioPharma by 210.4% during the third quarter. State Street Corp now owns 476,809 shares of the company’s stock valued at $11,205,000 after purchasing an additional 323,186 shares during the period. Finally, FMR LLC grew its holdings in ArriVent BioPharma by 8.7% during the third quarter. FMR LLC now owns 2,119,695 shares of the company’s stock valued at $49,813,000 after purchasing an additional 169,514 shares during the period. Institutional investors and hedge funds 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.