ArriVent BioPharma (NASDAQ:AVBP) Shares Up 6.3%

Shares of ArriVent BioPharma, Inc. (NASDAQ:AVBP) shot up 6.3% during mid-day trading on Thursday . The stock traded as high as $25.31 and last traded at $25.29. 84,174 shares changed hands during mid-day trading, a decline of 53% from the average session volume of 177,247 shares. The stock had previously closed at $23.79.

Analyst Ratings Changes

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

ArriVent BioPharma Trading Up 5.8 %

The business’s fifty day moving average price is $24.09 and its 200-day moving average price is $20.18.

ArriVent BioPharma (NASDAQ:AVBP) last issued its quarterly earnings data on Wednesday, August 14th. The company reported ($0.65) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.65). Sell-side analysts anticipate that ArriVent BioPharma, Inc. will post -3.03 EPS for the current fiscal year.

Institutional Trading of ArriVent BioPharma

Several hedge funds have recently added to or reduced their stakes in the stock. BNP Paribas Financial Markets purchased a new position in shares of ArriVent BioPharma in the first quarter worth about $83,000. American International Group Inc. purchased a new position in shares of ArriVent BioPharma in the first quarter worth about $87,000. SG Americas Securities LLC purchased a new position in shares of ArriVent BioPharma in the third quarter worth about $280,000. Rhumbline Advisers increased its stake in shares of ArriVent BioPharma by 30.1% in the second quarter. Rhumbline Advisers now owns 12,707 shares of the company’s stock worth $236,000 after purchasing an additional 2,942 shares in the last quarter. Finally, Blackstone Inc. purchased a new position in shares of ArriVent BioPharma in the first quarter worth about $446,000. Institutional investors 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.