ArriVent BioPharma (NASDAQ:AVBP) Trading Up 3.2%

ArriVent BioPharma, Inc. (NASDAQ:AVBP)’s share price shot up 3.2% during mid-day trading on Friday . The stock traded as high as $27.51 and last traded at $27.46. 14,937 shares traded hands during trading, a decline of 89% from the average session volume of 133,065 shares. The stock had previously closed at $26.60.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Oppenheimer reiterated an “outperform” rating and set a $35.00 target price on shares of ArriVent BioPharma in a report on Thursday, August 15th. HC Wainwright increased their price objective on ArriVent BioPharma from $25.00 to $30.00 and gave the company a “buy” rating in a research note on Friday, August 16th. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, ArriVent BioPharma has a consensus rating of “Buy” and an average target price of $31.40.

ArriVent BioPharma Stock Up 5.3 %

The company has a fifty day simple moving average of $22.19 and a two-hundred day simple moving average of $19.65.

ArriVent BioPharma (NASDAQ:AVBP) last issued its quarterly earnings results on Wednesday, August 14th. The company reported ($0.65) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.65). Equities research analysts anticipate that ArriVent BioPharma, Inc. will post -3.03 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ArriVent BioPharma

Several institutional investors and hedge funds have recently bought and sold shares of AVBP. Novo Holdings A S grew its stake in shares of ArriVent BioPharma by 39.3% during the 2nd quarter. Novo Holdings A S now owns 1,500,000 shares of the company’s stock valued at $27,825,000 after buying an additional 422,860 shares during the period. Rhumbline Advisers grew its position in ArriVent BioPharma by 30.1% during the second quarter. Rhumbline Advisers now owns 12,707 shares of the company’s stock valued at $236,000 after acquiring an additional 2,942 shares during the period. Bank of New York Mellon Corp increased its stake in ArriVent BioPharma by 31.4% during the second quarter. Bank of New York Mellon Corp now owns 29,847 shares of the company’s stock worth $554,000 after acquiring an additional 7,140 shares during the last quarter. AlphaCentric Advisors LLC raised its holdings in shares of ArriVent BioPharma by 3.6% in the 2nd quarter. AlphaCentric Advisors LLC now owns 86,000 shares of the company’s stock worth $1,595,000 after purchasing an additional 3,000 shares during the period. Finally, Farallon Capital Management LLC acquired a new position in shares of ArriVent BioPharma in the 1st quarter valued at about $2,711,000. 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.