Citigroup Forecasts Strong Price Appreciation for ArriVent BioPharma (NASDAQ:AVBP) Stock

ArriVent BioPharma (NASDAQ:AVBP) had its price target increased by Citigroup from $33.00 to $45.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup’s price objective suggests a potential upside of 47.93% from the stock’s current price.

A number of other research analysts have also weighed in on the company. HC Wainwright increased their price objective on ArriVent BioPharma from $42.00 to $44.00 and gave the company a “buy” rating in a report on Friday, March 6th. Truist Financial raised ArriVent BioPharma to a “strong-buy” rating in a report on Wednesday, March 25th. Oppenheimer reissued an “outperform” rating and issued a $50.00 price objective (up from $44.00) on shares of ArriVent BioPharma in a report on Friday, March 6th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ArriVent BioPharma in a report on Monday, April 20th. Finally, B. Riley Financial raised their target price on ArriVent BioPharma from $37.00 to $45.00 and gave the stock a “buy” rating in a report on Monday, March 23rd. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $43.00.

ArriVent BioPharma Stock Performance

ArriVent BioPharma stock opened at $30.42 on Friday. The stock has a 50-day moving average of $24.92 and a two-hundred day moving average of $22.52. The stock has a market cap of $1.34 billion, a PE ratio of -6.90 and a beta of 0.85. ArriVent BioPharma has a one year low of $16.10 and a one year high of $32.14.

ArriVent BioPharma (NASDAQ:AVBP) last announced its quarterly earnings data on Thursday, March 5th. The company reported ($0.78) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.87) by $0.09. As a group, sell-side analysts predict that ArriVent BioPharma will post -3.59 EPS for the current fiscal year.

Institutional Trading of ArriVent BioPharma

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Bessemer Group Inc. acquired a new stake in ArriVent BioPharma during the third quarter worth about $26,000. Mirae Asset Global Investments Co. Ltd. grew its holdings in ArriVent BioPharma by 27.9% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,006 shares of the company’s stock valued at $40,000 after purchasing an additional 438 shares during the period. Russell Investments Group Ltd. grew its holdings in ArriVent BioPharma by 9,747.6% in the third quarter. Russell Investments Group Ltd. now owns 2,068 shares of the company’s stock valued at $38,000 after purchasing an additional 2,047 shares during the period. BNP Paribas Financial Markets grew its holdings in ArriVent BioPharma by 31.0% in the second quarter. BNP Paribas Financial Markets now owns 2,571 shares of the company’s stock valued at $56,000 after purchasing an additional 609 shares during the period. Finally, Group One Trading LLC acquired a new stake in ArriVent BioPharma in the fourth quarter valued at approximately $57,000. 9.48% of the stock is owned by institutional investors and hedge funds.

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. In addition, the company develops Furmonertinib, a third-generation tyrosine kinase inhibitor that is in multiple clinical trials across a range of epidermal growth factor receptor mutations (EFGRm) in non-small cell lung cancer (NSCLC), including a phase 3 clinical trial for treatment of patients with metastatic EFGRm NSCLC; phase 1b clinical trial for treatment of patients with NSCLC with other EGFR mutations and NSCLC with HER2 Exon 20 insertion mutations; and ARR-002.