Truist Financial Upgrades ArriVent BioPharma (NASDAQ:AVBP) to “Strong-Buy”

ArriVent BioPharma (NASDAQ:AVBP) was upgraded by equities researchers at Truist Financial to a “strong-buy” rating in a report released on Wednesday,Zacks.com reports.

AVBP has been the topic of several other research reports. Zacks Research upgraded shares of ArriVent BioPharma from a “strong sell” rating to a “hold” rating in a report on Friday, December 5th. Oppenheimer restated an “outperform” rating and set a $50.00 price target (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 research report on Wednesday, January 21st. BTIG Research started coverage on ArriVent BioPharma in a research note on Thursday, March 12th. They issued a “buy” rating and a $42.00 price objective on the stock. Finally, B. Riley Financial increased their target price on ArriVent BioPharma from $37.00 to $45.00 and gave the company a “buy” rating in a research note on Monday. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $41.67.

ArriVent BioPharma Stock Performance

AVBP opened at $21.81 on Wednesday. The company has a market cap of $964.00 million, a PE ratio of -4.95 and a beta of 0.99. The stock has a 50-day moving average of $22.99 and a 200-day moving average of $21.30. ArriVent BioPharma has a 52-week low of $15.47 and a 52-week high of $27.22.

ArriVent BioPharma (NASDAQ:AVBP) last released its quarterly earnings results on Thursday, March 5th. The company reported ($0.78) EPS for the quarter, beating analysts’ consensus estimates of ($0.87) by $0.09. On average, research analysts predict that ArriVent BioPharma will post -2.74 earnings per share for the current year.

Institutional Trading of ArriVent BioPharma

A number of institutional investors and hedge funds have recently modified their holdings of the company. Dynamic Technology Lab Private Ltd acquired a new position in shares of ArriVent BioPharma in the first quarter valued at $266,000. Woodline Partners LP boosted its stake in ArriVent BioPharma by 0.4% during the first quarter. Woodline Partners LP now owns 146,373 shares of the company’s stock worth $2,706,000 after buying an additional 576 shares in the last quarter. Jane Street Group LLC bought a new stake in ArriVent BioPharma in the 1st quarter valued at $189,000. Legal & General Group Plc raised its stake in shares of ArriVent BioPharma by 8.8% in the 2nd quarter. Legal & General Group Plc now owns 14,790 shares of the company’s stock valued at $322,000 after buying an additional 1,197 shares in the last quarter. Finally, Walleye Capital LLC bought a new position in shares of ArriVent BioPharma during the 2nd quarter worth about $206,000. 9.48% of the stock is currently owned by institutional investors.

ArriVent BioPharma Company Profile

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.