ArriVent BioPharma (NASDAQ:AVBP) Hits New 1-Year High – Should You Buy?

ArriVent BioPharma, Inc. (NASDAQ:AVBP)’s stock price reached a new 52-week high on Thursday . The stock traded as high as $31.46 and last traded at $31.38, with a volume of 14375 shares changing hands. The stock had previously closed at $30.24.

Analyst Ratings Changes

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

ArriVent BioPharma Trading Up 2.4 %

The business’s fifty day moving average is $25.95 and its two-hundred day moving average is $21.25.

ArriVent BioPharma (NASDAQ:AVBP) last announced its quarterly earnings results on Wednesday, August 14th. The company reported ($0.65) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.65). On average, equities analysts forecast that ArriVent BioPharma, Inc. will post -3.03 earnings per share 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. Novo Holdings A S raised its holdings in shares of ArriVent BioPharma by 0.4% in the third quarter. Novo Holdings A S now owns 1,505,315 shares of the company’s stock valued at $35,375,000 after acquiring an additional 5,315 shares in the last quarter. SG Americas Securities LLC purchased a new stake in shares of ArriVent BioPharma in the 3rd quarter worth approximately $280,000. Rhumbline Advisers lifted its position in shares of ArriVent BioPharma by 30.1% in the 2nd quarter. Rhumbline Advisers now owns 12,707 shares of the company’s stock worth $236,000 after purchasing an additional 2,942 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of ArriVent BioPharma by 31.4% during the second quarter. Bank of New York Mellon Corp now owns 29,847 shares of the company’s stock valued at $554,000 after purchasing an additional 7,140 shares in the last quarter. Finally, AlphaCentric Advisors LLC increased its holdings in ArriVent BioPharma by 3.6% during 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. 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.