ArriVent BioPharma (NASDAQ:AVBP) Upgraded at Truist Financial

Truist Financial upgraded shares of ArriVent BioPharma (NASDAQ:AVBP) to a strong-buy rating in a report published on Wednesday,Zacks.com reports.

AVBP has been the subject of several other research reports. Weiss Ratings reissued a “sell (d-)” rating on shares of ArriVent BioPharma in a research report on Wednesday, January 21st. Zacks Research raised ArriVent BioPharma from a “strong sell” rating to a “hold” rating in a report on Friday, December 5th. Oppenheimer reissued an “outperform” rating and set a $50.00 target price (up from $44.00) on shares of ArriVent BioPharma in a report on Friday, March 6th. B. Riley Financial raised their price target on shares of ArriVent BioPharma from $37.00 to $45.00 and gave the stock a “buy” rating in a research report on Monday, March 23rd. Finally, Citigroup increased their price target on ArriVent BioPharma from $31.00 to $33.00 and gave the stock a “buy” rating in a research report on Friday, March 6th. Two analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $41.67.

ArriVent BioPharma Stock Performance

AVBP stock opened at $21.43 on Wednesday. The firm has a market cap of $947.21 million, a P/E ratio of -4.86 and a beta of 0.99. ArriVent BioPharma has a 1 year low of $15.47 and a 1 year high of $27.22. The stock has a 50-day simple moving average of $23.01 and a 200-day simple moving average of $21.31.

ArriVent BioPharma (NASDAQ:AVBP) last issued its quarterly earnings data on Thursday, March 5th. The company reported ($0.78) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.87) by $0.09. On average, equities research analysts predict that ArriVent BioPharma will post -2.74 EPS for the current year.

Institutional Investors Weigh In On ArriVent BioPharma

A number of large investors have recently made changes to their positions in AVBP. Bessemer Group Inc. acquired a new stake in ArriVent BioPharma during the 3rd quarter worth about $26,000. Mirae Asset Global Investments Co. Ltd. lifted its position in ArriVent BioPharma by 27.9% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,006 shares of the company’s stock worth $40,000 after buying an additional 438 shares in the last quarter. Russell Investments Group Ltd. raised its holdings in shares of ArriVent BioPharma by 9,747.6% during the third quarter. Russell Investments Group Ltd. now owns 2,068 shares of the company’s stock worth $38,000 after acquiring an additional 2,047 shares in the last quarter. BNP Paribas Financial Markets boosted its position in ArriVent BioPharma by 31.0% during the second quarter. BNP Paribas Financial Markets now owns 2,571 shares of the company’s stock valued at $56,000 after purchasing an additional 609 shares during the last quarter. Finally, Group One Trading LLC purchased a new stake in shares of ArriVent BioPharma during the 4th quarter worth about $57,000. 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. In addition, the company develops Furmonertinib, a third-generation tyrosine kinase inhibitor that is in multiple clinical trials across a range of epidermal growth factor receptor mutations (EFGRm) in non-small cell lung cancer (NSCLC), including a phase 3 clinical trial for treatment of patients with metastatic EFGRm NSCLC; phase 1b clinical trial for treatment of patients with NSCLC with other EGFR mutations and NSCLC with HER2 Exon 20 insertion mutations; and ARR-002.