ArriVent BioPharma (NASDAQ:AVBP) Shares Gap Down – What’s Next?

ArriVent BioPharma, Inc. (NASDAQ:AVBP) shares gapped down prior to trading on Thursday . The stock had previously closed at $24.92, but opened at $24.12. ArriVent BioPharma shares last traded at $23.97, with a volume of 4,184 shares changing hands.

Wall Street Analyst Weigh In

Separately, HC Wainwright reiterated a “buy” rating and issued a $36.00 price objective on shares of ArriVent BioPharma in a research note on Friday, November 15th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $36.80.

ArriVent BioPharma Stock Performance

The firm has a 50 day moving average of $27.88 and a two-hundred day moving average of $25.73.

Institutional Investors Weigh In On ArriVent BioPharma

Several institutional investors have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. lifted its stake in ArriVent BioPharma by 183.2% during the third quarter. JPMorgan Chase & Co. now owns 12,445 shares of the company’s stock worth $292,000 after purchasing an additional 8,050 shares during the last quarter. Barclays PLC increased its position in ArriVent BioPharma by 1,124.8% during the third quarter. Barclays PLC now owns 41,522 shares of the company’s stock worth $976,000 after buying an additional 38,132 shares during the period. Geode Capital Management LLC increased its position in ArriVent BioPharma by 154.2% during the third quarter. Geode Capital Management LLC now owns 597,165 shares of the company’s stock worth $14,036,000 after buying an additional 362,221 shares during the period. State Street Corp increased its position in ArriVent BioPharma by 210.4% during the third quarter. State Street Corp now owns 476,809 shares of the company’s stock worth $11,205,000 after buying an additional 323,186 shares during the period. Finally, Suvretta Capital Management LLC increased its position in ArriVent BioPharma by 7.7% during the third quarter. Suvretta Capital Management LLC now owns 1,845,162 shares of the company’s stock worth $43,361,000 after buying an additional 132,459 shares during the period. Hedge funds and other institutional investors own 9.48% of the company’s stock.

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.