ArriVent BioPharma (NASDAQ:AVBP) Trading Down 3.5% – Should You Sell?

ArriVent BioPharma, Inc. (NASDAQ:AVBP)’s stock price dropped 3.5% during trading on Monday . The company traded as low as $20.20 and last traded at $20.27. Approximately 67,990 shares were traded during mid-day trading, a decline of 57% from the average daily volume of 158,799 shares. The stock had previously closed at $21.00.

Analysts Set New Price Targets

AVBP has been the topic of a number of recent analyst reports. Guggenheim initiated coverage on shares of ArriVent BioPharma in a research report on Monday, March 10th. They issued a “buy” rating and a $45.00 price target on the stock. HC Wainwright reiterated a “buy” rating and set a $39.00 price target on shares of ArriVent BioPharma in a research note on Friday, March 7th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $39.40.

ArriVent BioPharma Stock Performance

The company’s 50-day moving average is $25.58 and its 200-day moving average is $26.97. The firm has a market cap of $698.82 million, a price-to-earnings ratio of -8.02 and a beta of 1.00.

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

Institutional Trading of ArriVent BioPharma

Institutional investors and hedge funds have recently modified their holdings of the stock. Infinitum Asset Management LLC bought a new position in ArriVent BioPharma in the fourth quarter valued at approximately $43,794,000. Suvretta Capital Management LLC boosted its stake in ArriVent BioPharma by 21.7% in the 4th quarter. Suvretta Capital Management LLC now owns 2,246,000 shares of the company’s stock worth $59,833,000 after purchasing an additional 400,838 shares during the period. Geode Capital Management LLC increased its holdings in ArriVent BioPharma by 154.2% during the 3rd quarter. Geode Capital Management LLC now owns 597,165 shares of the company’s stock worth $14,036,000 after purchasing an additional 362,221 shares in the last quarter. State Street Corp raised its stake in shares of ArriVent BioPharma by 210.4% in the 3rd quarter. State Street Corp now owns 476,809 shares of the company’s stock valued at $11,205,000 after purchasing an additional 323,186 shares during the period. Finally, FMR LLC boosted its position in shares of ArriVent BioPharma by 8.7% during the third quarter. FMR LLC now owns 2,119,695 shares of the company’s stock worth $49,813,000 after buying an additional 169,514 shares during the period. 9.48% of the stock is owned by institutional investors.

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.