ArriVent BioPharma (NASDAQ:AVBP) Stock Price Down 4.7% – Here’s Why

ArriVent BioPharma, Inc. (NASDAQ:AVBP)’s stock price dropped 4.7% during mid-day trading on Tuesday . The stock traded as low as $19.18 and last traded at $19.27. Approximately 30,567 shares traded hands during trading, a decline of 81% from the average daily volume of 158,940 shares. The stock had previously closed at $20.21.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. B. Riley assumed coverage on ArriVent BioPharma in a research report on Thursday, March 20th. They set a “buy” rating and a $37.00 target price on the stock. HC Wainwright restated a “buy” rating and set a $39.00 price objective on shares of ArriVent BioPharma in a research report on Friday, March 7th. Finally, Guggenheim started coverage on shares of ArriVent BioPharma in a research report on Monday, March 10th. They issued a “buy” rating and a $45.00 target price on the stock. Five investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $39.00.

ArriVent BioPharma Stock Down 6.0 %

The firm has a market capitalization of $645.96 million, a PE ratio of -7.39 and a beta of 1.00. The business’s fifty day moving average price is $24.82 and its 200 day moving average price is $26.68.

ArriVent BioPharma (NASDAQ:AVBP) last announced its earnings results on Monday, March 3rd. The company reported ($0.60) earnings per share for the quarter, beating the consensus estimate of ($0.78) by $0.18. On average, analysts anticipate that ArriVent BioPharma, Inc. will post -2.74 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. acquired a new position in ArriVent BioPharma during the 4th quarter worth approximately $31,000. Tower Research Capital LLC TRC grew its holdings in ArriVent BioPharma by 773.8% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,599 shares of the company’s stock worth $43,000 after acquiring an additional 1,416 shares during the period. Virtus ETF Advisers LLC purchased a new position in ArriVent BioPharma in the fourth quarter worth $73,000. KLP Kapitalforvaltning AS acquired a new stake in ArriVent BioPharma in the fourth quarter valued at $83,000. Finally, China Universal Asset Management Co. Ltd. purchased a new stake in shares of ArriVent BioPharma during the 4th quarter worth $190,000. 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.