ArriVent BioPharma (NASDAQ:AVBP) Sees Strong Trading Volume – What’s Next?

ArriVent BioPharma, Inc. (NASDAQ:AVBP) saw an uptick in trading volume on Friday . 494,557 shares traded hands during mid-day trading, an increase of 197% from the previous session’s volume of 166,502 shares.The stock last traded at $16.79 and had previously closed at $16.94.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on AVBP shares. 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. B. Riley assumed coverage on ArriVent BioPharma in a research report on Thursday, March 20th. They set a “buy” rating and a $37.00 price target for the company. Finally, Guggenheim started coverage on ArriVent BioPharma in a research report on Monday, March 10th. They issued a “buy” rating and a $45.00 price objective on the stock. Five analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Buy” and an average target price of $39.00.

ArriVent BioPharma Trading Down 3.1 %

The company’s 50 day simple moving average is $23.48 and its 200 day simple moving average is $26.20. The stock has a market capitalization of $558.54 million, a PE ratio of -6.39 and a beta of 1.66.

ArriVent BioPharma (NASDAQ:AVBP) last announced its quarterly earnings data on Monday, March 3rd. The company reported ($0.60) EPS for the quarter, beating analysts’ consensus estimates of ($0.78) by $0.18. As a group, analysts predict that ArriVent BioPharma, Inc. will post -2.74 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Wellington Management Group LLP purchased a new stake in ArriVent BioPharma in the fourth quarter valued at approximately $1,117,000. California State Teachers Retirement System grew its stake in shares of ArriVent BioPharma by 561.3% during the 4th quarter. California State Teachers Retirement System now owns 13,649 shares of the company’s stock valued at $364,000 after buying an additional 11,585 shares during the period. Infinitum Asset Management LLC acquired a new stake in shares of ArriVent BioPharma during the 4th quarter worth $43,794,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new position in shares of ArriVent BioPharma in the 4th quarter worth $218,000. Finally, Woodline Partners LP boosted its holdings in ArriVent BioPharma by 20.5% in the fourth quarter. Woodline Partners LP now owns 145,797 shares of the company’s stock valued at $3,884,000 after acquiring an additional 24,853 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.