B. Riley Initiates Coverage on ArriVent BioPharma (NASDAQ:AVBP)

B. Riley started coverage on shares of ArriVent BioPharma (NASDAQ:AVBP) in a research note issued on Thursday, MarketBeat reports. The brokerage set a “buy” rating and a $37.00 price target on the stock. B. Riley’s price target would suggest a potential upside of 89.55% from the company’s previous close.

Several other equities analysts have also weighed in on the stock. Guggenheim initiated coverage on shares of ArriVent BioPharma in a research report on Monday, March 10th. They set a “buy” rating and a $45.00 price objective for the company. HC Wainwright restated a “buy” rating and set a $39.00 price objective on shares of ArriVent BioPharma in a research report on Friday, March 7th. Five investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $39.00.

ArriVent BioPharma Stock Down 0.1 %

Shares of AVBP opened at $19.52 on Thursday. The firm has a 50-day moving average price of $24.92 and a 200 day moving average price of $26.72. The firm has a market capitalization of $663.99 million, a PE ratio of -7.60 and a beta of 1.00. ArriVent BioPharma has a 52-week low of $14.35 and a 52-week high of $36.37.

ArriVent BioPharma (NASDAQ:AVBP) last posted its quarterly earnings data on Monday, March 3rd. The company reported ($0.60) earnings per share for the quarter, beating the consensus estimate of ($0.78) by $0.18. On average, equities analysts expect that ArriVent BioPharma will post -2.74 EPS for the current year.

Institutional Trading of ArriVent BioPharma

A number of hedge funds have recently made changes to their positions in the stock. California State Teachers Retirement System lifted its position in shares of ArriVent BioPharma by 561.3% in the fourth quarter. California State Teachers Retirement System now owns 13,649 shares of the company’s stock worth $364,000 after purchasing an additional 11,585 shares in the last quarter. Infinitum Asset Management LLC bought a new position in ArriVent BioPharma during the fourth quarter valued at approximately $43,794,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in ArriVent BioPharma during the fourth quarter valued at approximately $218,000. Woodline Partners LP raised its position in ArriVent BioPharma by 20.5% during the fourth quarter. Woodline Partners LP now owns 145,797 shares of the company’s stock valued at $3,884,000 after acquiring an additional 24,853 shares in the last quarter. Finally, Suvretta Capital Management LLC raised its position in ArriVent BioPharma by 21.7% during the fourth quarter. Suvretta Capital Management LLC now owns 2,246,000 shares of the company’s stock valued at $59,833,000 after acquiring an additional 400,838 shares in the last quarter. 9.48% of the stock is owned by hedge funds and other 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.