ArriVent BioPharma’s (AVBP) Buy Rating Reaffirmed at Guggenheim

Guggenheim reiterated their buy rating on shares of ArriVent BioPharma (NASDAQ:AVBP) in a report released on Tuesday,Benzinga reports. Guggenheim currently has a $45.00 price objective on the stock.

A number of other analysts have also commented on the company. Wall Street Zen lowered ArriVent BioPharma from a “hold” rating to a “strong sell” rating in a research note on Thursday, May 22nd. HC Wainwright lifted their price target on ArriVent BioPharma from $39.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, May 14th. Jones Trading assumed coverage on ArriVent BioPharma in a research note on Tuesday, May 20th. They set a “buy” rating and a $40.00 price target on the stock. Finally, B. Riley started coverage on ArriVent BioPharma in a research note on Thursday, March 20th. They set a “buy” rating and a $37.00 price target on the stock. One research analyst has rated the stock with a sell rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, ArriVent BioPharma has a consensus rating of “Moderate Buy” and a consensus price target of $40.00.

ArriVent BioPharma Stock Up 1.4%

NASDAQ:AVBP opened at $23.11 on Tuesday. The stock’s 50-day simple moving average is $21.37 and its 200 day simple moving average is $23.07. ArriVent BioPharma has a twelve month low of $15.47 and a twelve month high of $36.37. The firm has a market capitalization of $790.66 million, a PE ratio of -6.13 and a beta of 1.26.

ArriVent BioPharma (NASDAQ:AVBP) last announced its quarterly earnings results on Monday, May 12th. The company reported ($1.90) EPS for the quarter, missing analysts’ consensus estimates of ($0.66) by ($1.24). On average, analysts anticipate that ArriVent BioPharma will post -2.74 EPS for the current fiscal year.

Hedge Funds Weigh In On ArriVent BioPharma

A number of hedge funds and other institutional investors have recently made changes to their positions in AVBP. Infinitum Asset Management LLC bought a new stake in ArriVent BioPharma in the fourth quarter worth approximately $43,794,000. Suvretta Capital Management LLC increased its holdings in shares of 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 acquiring an additional 400,838 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of ArriVent BioPharma by 6.1% during the first quarter. Vanguard Group Inc. now owns 1,503,358 shares of the company’s stock valued at $27,797,000 after acquiring an additional 86,067 shares in the last quarter. Octagon Capital Advisors LP increased its holdings in shares of ArriVent BioPharma by 4.2% during the fourth quarter. Octagon Capital Advisors LP now owns 2,059,387 shares of the company’s stock valued at $54,862,000 after acquiring an additional 83,000 shares in the last quarter. Finally, Nuveen LLC bought a new stake in shares of ArriVent BioPharma during the first quarter valued at approximately $819,000. 9.48% of the stock is owned by institutional investors and hedge funds.

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.