ArriVent BioPharma (NASDAQ:AVBP) Hits New 1-Year High – Time to Buy?

ArriVent BioPharma, Inc. (NASDAQ:AVBP)’s share price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $34.24 and last traded at $32.56, with a volume of 589 shares. The stock had previously closed at $31.98.

Analyst Upgrades and Downgrades

AVBP has been the topic of several analyst reports. Citigroup lifted their target price on shares of ArriVent BioPharma from $30.00 to $36.00 and gave the stock a “buy” rating in a research note on Wednesday, September 11th. HC Wainwright upped their price objective on shares of ArriVent BioPharma from $30.00 to $36.00 and gave the company a “buy” rating in a research note on Tuesday, September 10th. The Goldman Sachs Group raised their target price on ArriVent BioPharma from $28.00 to $38.00 and gave the stock a “buy” rating in a research note on Tuesday, September 10th. Finally, Oppenheimer reaffirmed an “outperform” rating and set a $39.00 price target (up previously from $35.00) on shares of ArriVent BioPharma in a research report on Tuesday, September 10th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $36.80.

ArriVent BioPharma Trading Up 2.1 %

The company has a 50-day simple moving average of $27.44 and a two-hundred day simple moving average of $22.38.

ArriVent BioPharma (NASDAQ:AVBP) last released its quarterly earnings results on Wednesday, August 14th. The company reported ($0.65) earnings per share for the quarter, meeting the consensus estimate of ($0.65). On average, equities research analysts anticipate that ArriVent BioPharma, Inc. will post -3.03 earnings per share for the current year.

Institutional Trading of ArriVent BioPharma

A number of hedge funds and other institutional investors have recently modified their holdings of the business. BNP Paribas Financial Markets bought a new position in ArriVent BioPharma in the 1st quarter worth about $83,000. American International Group Inc. purchased a new stake in ArriVent BioPharma during the 1st quarter valued at $87,000. Rhumbline Advisers lifted its holdings in shares of ArriVent BioPharma by 30.1% during the 2nd quarter. Rhumbline Advisers now owns 12,707 shares of the company’s stock valued at $236,000 after buying an additional 2,942 shares during the period. SG Americas Securities LLC purchased a new position in shares of ArriVent BioPharma in the 3rd quarter worth $280,000. Finally, Blackstone Inc. bought a new stake in shares of ArriVent BioPharma in the first quarter worth $446,000. 9.48% of the stock is owned by hedge funds and other institutional investors.

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.