Millennium Management LLC Reduces Holdings in ArriVent BioPharma, Inc. (NASDAQ:AVBP)

Millennium Management LLC lowered its stake in shares of ArriVent BioPharma, Inc. (NASDAQ:AVBP) by 75.7% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 52,545 shares of the company’s stock after selling 164,085 shares during the period. Millennium Management LLC owned approximately 0.16% of ArriVent BioPharma worth $1,400,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. MetLife Investment Management LLC lifted its stake in ArriVent BioPharma by 6.8% in the fourth quarter. MetLife Investment Management LLC now owns 17,460 shares of the company’s stock worth $465,000 after acquiring an additional 1,110 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new position in ArriVent BioPharma in the fourth quarter valued at $31,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of ArriVent BioPharma by 8.4% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,114 shares of the company’s stock valued at $456,000 after purchasing an additional 1,327 shares during the period. Tower Research Capital LLC TRC boosted its position in shares of ArriVent BioPharma by 773.8% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,599 shares of the company’s stock valued at $43,000 after purchasing an additional 1,416 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its holdings in shares of ArriVent BioPharma by 17.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 10,965 shares of the company’s stock valued at $293,000 after acquiring an additional 1,620 shares during the period. 9.48% of the stock is currently owned by hedge funds and other institutional investors.

ArriVent BioPharma Trading Up 5.1%

Shares of NASDAQ AVBP opened at $23.12 on Wednesday. ArriVent BioPharma, Inc. has a 12-month low of $15.47 and a 12-month high of $36.37. The company has a market cap of $791.00 million, a P/E ratio of -6.13 and a beta of 1.47. The stock has a fifty day moving average price of $19.45 and a 200 day moving average price of $23.53.

ArriVent BioPharma (NASDAQ:AVBP) last posted its quarterly earnings results on Monday, May 12th. The company reported ($1.90) EPS for the quarter, missing analysts’ consensus estimates of ($0.66) by ($1.24). On average, sell-side analysts forecast that ArriVent BioPharma, Inc. will post -2.74 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Wall Street Zen cut ArriVent BioPharma from a “hold” rating to a “strong sell” rating in a research report on Thursday, May 22nd. Guggenheim initiated coverage on shares of ArriVent BioPharma in a research note on Monday, March 10th. They issued a “buy” rating and a $45.00 price objective for the company. HC Wainwright lifted their price target on shares of ArriVent BioPharma from $39.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday, May 14th. B. Riley initiated coverage on ArriVent BioPharma in a research report on Thursday, March 20th. They set a “buy” rating and a $37.00 price objective for the company. Finally, Jones Trading initiated coverage on ArriVent BioPharma in a report on Tuesday, May 20th. They issued a “buy” rating and a $40.00 price target for the company. One equities research analyst has rated the stock with a sell rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $39.29.

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.