ArriVent BioPharma (NASDAQ:AVBP) Trading 5.5% Higher – Time to Buy?

ArriVent BioPharma, Inc. (NASDAQ:AVBP)’s stock price rose 5.5% on Tuesday . The company traded as high as $29.04 and last traded at $29.02. Approximately 136,424 shares traded hands during trading, a decline of 22% from the average daily volume of 173,879 shares. The stock had previously closed at $27.50.

Analyst Ratings Changes

A number of analysts have recently commented on AVBP shares. Oppenheimer reissued an “outperform” rating and issued a $39.00 price objective (up previously from $35.00) on shares of ArriVent BioPharma in a research note on Tuesday, September 10th. Citigroup boosted their price objective on ArriVent BioPharma from $30.00 to $36.00 and gave the stock a “buy” rating in a research report on Wednesday, September 11th. HC Wainwright restated a “buy” rating and set a $36.00 price objective on shares of ArriVent BioPharma in a research report on Friday, November 15th. Finally, The Goldman Sachs Group raised their target price on ArriVent BioPharma from $28.00 to $38.00 and gave the stock a “buy” rating in a report on Tuesday, September 10th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat, ArriVent BioPharma has an average rating of “Buy” and an average target price of $36.80.

ArriVent BioPharma Stock Up 4.5 %

The firm’s 50 day moving average is $28.23 and its two-hundred day moving average is $23.54.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of AVBP. American International Group Inc. acquired a new position in shares of ArriVent BioPharma during the first quarter worth $87,000. Rhumbline Advisers boosted 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 purchasing an additional 2,942 shares in the last quarter. The Manufacturers Life Insurance Company acquired a new position in shares of ArriVent BioPharma in the third quarter valued at approximately $240,000. SG Americas Securities LLC bought a new position in ArriVent BioPharma in the 3rd quarter valued at approximately $280,000. Finally, MetLife Investment Management LLC grew its holdings in ArriVent BioPharma by 168.9% during the 3rd quarter. MetLife Investment Management LLC now owns 16,350 shares of the company’s stock worth $384,000 after acquiring an additional 10,269 shares during the last quarter. Institutional investors and hedge funds 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.