Bank of New York Mellon Corp Grows Stake in ArriVent BioPharma, Inc. (NASDAQ:AVBP)

Bank of New York Mellon Corp grew its stake in shares of ArriVent BioPharma, Inc. (NASDAQ:AVBP) by 31.4% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 29,847 shares of the company’s stock after acquiring an additional 7,140 shares during the period. Bank of New York Mellon Corp owned about 0.09% of ArriVent BioPharma worth $554,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the stock. AlphaCentric Advisors LLC raised its stake in shares of ArriVent BioPharma by 3.6% in the second quarter. AlphaCentric Advisors LLC now owns 86,000 shares of the company’s stock valued at $1,595,000 after buying an additional 3,000 shares during the period. Farallon Capital Management LLC bought a new position in shares of ArriVent BioPharma in the first quarter valued at approximately $2,711,000. Blackstone Inc. purchased a new position in shares of ArriVent BioPharma during the 1st quarter valued at $446,000. Hhlr Advisors LTD. purchased a new stake in ArriVent BioPharma in the first quarter valued at approximately $70,174,000. Finally, Altitude Crest Partners Inc. bought a new stake in shares of ArriVent BioPharma during the 1st quarter worth $9,922,000. Hedge funds and other institutional investors own 9.48% of the company’s stock.

Analyst Ratings Changes

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

ArriVent BioPharma Stock Down 8.7 %

Shares of NASDAQ:AVBP opened at $22.64 on Tuesday. The company has a 50-day moving average price of $23.56 and a 200-day moving average price of $19.98. ArriVent BioPharma, Inc. has a 12 month low of $14.35 and a 12 month high of $30.99.

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

ArriVent BioPharma 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.