ArriVent BioPharma (NASDAQ:AVBP) Trading Down 6.6% – Here’s What Happened

ArriVent BioPharma, Inc. (NASDAQ:AVBP) was down 6.6% during mid-day trading on Thursday . The stock traded as low as $29.75 and last traded at $29.75. Approximately 9,475 shares traded hands during trading, a decline of 94% from the average daily volume of 171,900 shares. The stock had previously closed at $31.86.

Analyst Ratings Changes

AVBP has been the topic of several recent research reports. The Goldman Sachs Group increased their price target 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. HC Wainwright reaffirmed a “buy” rating and issued a $36.00 price objective on shares of ArriVent BioPharma in a research note on Friday. Citigroup lifted their target price on ArriVent BioPharma from $30.00 to $36.00 and gave the company a “buy” rating in a research note on Wednesday, September 11th. Finally, Oppenheimer restated 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. Five research analysts have rated the stock with a buy rating, According to MarketBeat, ArriVent BioPharma currently has an average rating of “Buy” and an average price target of $36.80.

ArriVent BioPharma Stock Down 3.1 %

The stock has a 50 day simple moving average of $28.01 and a 200-day simple moving average of $23.03.

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

Institutional Trading of ArriVent BioPharma

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Rhumbline Advisers grew its stake in shares of ArriVent BioPharma by 30.1% during the second quarter. Rhumbline Advisers now owns 12,707 shares of the company’s stock valued at $236,000 after buying an additional 2,942 shares during the last quarter. AlphaCentric Advisors LLC lifted its position in shares of ArriVent BioPharma by 3.6% during the second quarter. AlphaCentric Advisors LLC now owns 86,000 shares of the company’s stock worth $1,595,000 after purchasing an additional 3,000 shares during the last quarter. BNP Paribas Financial Markets bought 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 ArriVent BioPharma in the 1st quarter worth about $87,000. Finally, Novo Holdings A S boosted its position in ArriVent BioPharma by 0.4% in the 3rd quarter. Novo Holdings A S now owns 1,505,315 shares of the company’s stock valued at $35,375,000 after buying an additional 5,315 shares during the period. 9.48% of the stock is owned by hedge funds and other institutional investors.

ArriVent BioPharma Company 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.