ArriVent BioPharma, Inc. (NASDAQ:AVBP) Sees Significant Increase in Short Interest

ArriVent BioPharma, Inc. (NASDAQ:AVBP) was the recipient of a significant growth in short interest in September. As of September 15th, there was short interest totalling 1,860,000 shares, a growth of 13.4% from the August 31st total of 1,640,000 shares. Currently, 9.6% of the shares of the stock are sold short. Based on an average daily volume of 234,300 shares, the days-to-cover ratio is currently 7.9 days.

ArriVent BioPharma Trading Down 2.2 %

AVBP traded down $0.51 during trading hours on Friday, reaching $23.00. The company’s stock had a trading volume of 216,461 shares, compared to its average volume of 178,090. The business’s 50-day moving average is $23.87 and its 200-day moving average is $20.09. ArriVent BioPharma has a fifty-two week low of $14.35 and a fifty-two week high of $30.99.

ArriVent BioPharma (NASDAQ:AVBP) last posted its earnings results on Wednesday, August 14th. The company reported ($0.65) EPS for the quarter, meeting analysts’ consensus estimates of ($0.65). As a group, equities research analysts expect that ArriVent BioPharma will post -3.03 EPS for the current year.

Hedge Funds Weigh In On ArriVent BioPharma

A number of hedge funds have recently made changes to their positions in AVBP. Rhumbline Advisers lifted its stake in ArriVent BioPharma by 30.1% during the second quarter. Rhumbline Advisers now owns 12,707 shares of the company’s stock worth $236,000 after purchasing an additional 2,942 shares in the last quarter. AlphaCentric Advisors LLC grew its position in ArriVent BioPharma by 3.6% in the 2nd quarter. AlphaCentric Advisors LLC now owns 86,000 shares of the company’s stock valued at $1,595,000 after acquiring an additional 3,000 shares in the last quarter. BNP Paribas Financial Markets purchased a new stake in ArriVent BioPharma during the first quarter worth about $83,000. American International Group Inc. acquired a new stake in shares of ArriVent BioPharma during the first quarter worth about $87,000. Finally, Bank of New York Mellon Corp boosted its stake in shares of ArriVent BioPharma by 31.4% in the second quarter. Bank of New York Mellon Corp now owns 29,847 shares of the company’s stock valued at $554,000 after purchasing an additional 7,140 shares during the period. Hedge funds and other institutional investors own 9.48% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. HC Wainwright raised their price objective on ArriVent BioPharma from $30.00 to $36.00 and gave the company a “buy” rating in a report on Tuesday, September 10th. Citigroup raised their price target on shares of ArriVent BioPharma from $30.00 to $36.00 and gave the stock a “buy” rating in a research note on Wednesday, September 11th. Oppenheimer reiterated an “outperform” rating and issued a $39.00 price objective (up previously from $35.00) on shares of ArriVent BioPharma in a report on Tuesday, September 10th. Finally, The Goldman Sachs Group lifted their price objective on ArriVent BioPharma from $28.00 to $38.00 and gave the stock a “buy” rating in a research report on Tuesday, September 10th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, ArriVent BioPharma presently has an average rating of “Buy” and an average price target of $36.80.

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.