ArriVent BioPharma (NASDAQ:AVBP) Shares Gap Up – Still a Buy?

Shares of ArriVent BioPharma, Inc. (NASDAQ:AVBP) gapped up before the market opened on Thursday . The stock had previously closed at $19.60, but opened at $20.19. ArriVent BioPharma shares last traded at $20.04, with a volume of 6,378 shares changing hands.

Analyst Ratings Changes

A number of analysts have recently issued reports on AVBP shares. Guggenheim started coverage on shares of ArriVent BioPharma in a research note on Monday, March 10th. They issued a “buy” rating and a $45.00 price objective for the company. HC Wainwright reissued a “buy” rating and issued a $39.00 price objective on shares of ArriVent BioPharma in a research note on Friday, March 7th. Finally, B. Riley started coverage on shares of ArriVent BioPharma in a research note on Thursday. They issued a “buy” rating and a $37.00 price objective for the company. Six equities 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 $39.00.

ArriVent BioPharma Price Performance

The company’s 50-day simple moving average is $25.18 and its 200 day simple moving average is $26.82. The firm has a market cap of $672.84 million, a P/E ratio of -7.73 and a beta of 1.00.

ArriVent BioPharma (NASDAQ:AVBP) last released its quarterly earnings data on Monday, March 3rd. The company reported ($0.60) EPS for the quarter, beating the consensus estimate of ($0.78) by $0.18. Analysts anticipate that ArriVent BioPharma, Inc. will post -2.74 EPS for the current fiscal year.

Institutional Investors Weigh In On ArriVent BioPharma

Several institutional investors have recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. purchased a new position in ArriVent BioPharma in the 4th quarter worth about $31,000. Tower Research Capital LLC TRC increased its stake in ArriVent BioPharma by 773.8% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,599 shares of the company’s stock worth $43,000 after buying an additional 1,416 shares during the period. Virtus ETF Advisers LLC purchased a new position in ArriVent BioPharma in the 4th quarter worth about $73,000. KLP Kapitalforvaltning AS purchased a new position in ArriVent BioPharma in the 4th quarter worth about $83,000. Finally, China Universal Asset Management Co. Ltd. purchased a new position in ArriVent BioPharma in the 4th quarter worth about $190,000. 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.