ArriVent BioPharma, Inc. (NASDAQ:AVBP) Short Interest Up 13.1% in January

ArriVent BioPharma, Inc. (NASDAQ:AVBP) was the recipient of a large growth in short interest during the month of January. As of January 15th, there was short interest totalling 3,810,000 shares, a growth of 13.1% from the December 31st total of 3,370,000 shares. Based on an average trading volume of 149,300 shares, the days-to-cover ratio is presently 25.5 days. Currently, 19.5% of the company’s shares are short sold.

Hedge Funds Weigh In On ArriVent BioPharma

A number of hedge funds have recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. acquired a new stake in ArriVent BioPharma during the 4th quarter worth about $31,000. China Universal Asset Management Co. Ltd. bought a new stake in shares of ArriVent BioPharma during the 4th quarter valued at about $190,000. New York State Common Retirement Fund grew its stake in ArriVent BioPharma by 34.6% during the fourth quarter. New York State Common Retirement Fund now owns 7,783 shares of the company’s stock worth $207,000 after purchasing an additional 2,000 shares during the period. The Manufacturers Life Insurance Company bought a new stake in ArriVent BioPharma in the third quarter worth approximately $240,000. Finally, SG Americas Securities LLC acquired a new position in ArriVent BioPharma in the third quarter valued at approximately $280,000. Institutional investors own 9.48% of the company’s stock.

Analysts Set New Price Targets

Separately, HC Wainwright lifted their price target on shares of ArriVent BioPharma from $36.00 to $39.00 and gave the stock a “buy” rating in a report on Wednesday, January 22nd. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $37.40.

ArriVent BioPharma Stock Down 1.9 %

ArriVent BioPharma stock traded down $0.55 during mid-day trading on Friday, hitting $28.54. 121,065 shares of the stock were exchanged, compared to its average volume of 128,872. ArriVent BioPharma has a 12 month low of $14.35 and a 12 month high of $36.37. The firm’s fifty day simple moving average is $27.14 and its two-hundred day simple moving average is $26.43.

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.