ArriVent BioPharma (NASDAQ:AVBP) Cut to Strong Sell at Wall Street Zen

Wall Street Zen lowered shares of ArriVent BioPharma (NASDAQ:AVBP) from a sell rating to a strong sell rating in a report released on Saturday morning,Wall Street Zen reports.

Several other equities analysts have also recently issued reports on AVBP. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of ArriVent BioPharma in a report on Tuesday, September 22nd. BTIG Research lowered their target price on ArriVent BioPharma from $42.00 to $29.00 and set a “buy” rating on the stock in a report on Wednesday, October 7th. Weiss Ratings restated a “sell (d-)” rating on shares of ArriVent BioPharma in a research report on Friday, July 17th. HC Wainwright dropped their price target on ArriVent BioPharma from $47.00 to $27.00 and set a “buy” rating for the company in a research report on Thursday, October 8th. Finally, JonesTrading cut their price target on ArriVent BioPharma from $45.00 to $22.00 and set a “buy” rating for the company in a research note on Wednesday, October 7th. Nine equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $27.44.

ArriVent BioPharma Trading Down 1.6%

AVBP stock opened at $16.46 on Friday. The company’s 50-day moving average price is $28.50 and its 200 day moving average price is $29.27. ArriVent BioPharma has a 52 week low of $11.36 and a 52 week high of $35.83. The company has a market cap of $811.61 million, a P/E ratio of -4.55 and a beta of 1.34.

ArriVent BioPharma (NASDAQ:AVBP) last posted its quarterly earnings results on Wednesday, August 12th. The company reported ($1.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.99) by ($0.06). On average, equities research analysts expect that ArriVent BioPharma will post -4.05 earnings per share for the current year.

Institutional Trading of ArriVent BioPharma

A number of large investors have recently made changes to their positions in AVBP. Tidal Investments LLC acquired a new stake in shares of ArriVent BioPharma during the second quarter worth $1,981,000. Engineers Gate Manager LP acquired a new position in ArriVent BioPharma in the second quarter valued at $773,000. Arizona State Retirement System acquired a new position in ArriVent BioPharma in the second quarter valued at $233,000. Montanova Capital LLC increased its stake in ArriVent BioPharma by 2.6% in the second quarter. Montanova Capital LLC now owns 4,515,531 shares of the company’s stock valued at $156,870,000 after purchasing an additional 114,448 shares during the last quarter. Finally, Wellington Management Group LLP lifted its position in ArriVent BioPharma by 28.9% during the second quarter. Wellington Management Group LLP now owns 100,855 shares of the company’s stock worth $3,504,000 after buying an additional 22,642 shares during the period. Institutional investors and hedge funds own 9.48% of the company’s stock.

About ArriVent BioPharma

ArriVent BioPharma, Inc is a clinical-stage biopharmaceutical company focused on developing and commercializing precision medicines for patients with genetically defined cancers. The company seeks to identify promising therapies developed in other regions and advance them through clinical development and regulatory approval in the United States and other markets.

ArriVent’s lead product candidate is furmonertinib, an oral, irreversible epidermal growth factor receptor (EGFR) tyrosine kinase inhibitor designed to target specific EGFR mutations in non-small cell lung cancer, including EGFR exon 20 insertion mutations.