ArriVent BioPharma (NASDAQ:AVBP) Stock Price Up 5.5% – Here’s What Happened

ArriVent BioPharma, Inc. (NASDAQ:AVBP) shares traded up 5.5% during mid-day trading on Tuesday . The company traded as high as $29.04 and last traded at $29.02. 136,424 shares changed hands during mid-day trading, a decline of 22% from the average session volume of 173,879 shares. The stock had previously closed at $27.50.

Wall Street Analyst Weigh In

Several equities analysts have commented on AVBP shares. HC Wainwright reiterated a “buy” rating and issued a $36.00 price target on shares of ArriVent BioPharma in a research note on Friday, November 15th. Citigroup boosted their price target on shares of ArriVent BioPharma from $30.00 to $36.00 and gave the company a “buy” rating in a research report on Wednesday, September 11th. Oppenheimer reaffirmed an “outperform” rating and set a $39.00 price objective (up previously from $35.00) on shares of ArriVent BioPharma in a report on Tuesday, September 10th. Finally, The Goldman Sachs Group upped their target price on ArriVent BioPharma from $28.00 to $38.00 and gave the company a “buy” rating in a research report on Tuesday, September 10th. Five research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of “Buy” and an average price target of $36.80.

ArriVent BioPharma Trading Up 1.3 %

The stock has a fifty day moving average of $28.43 and a 200-day moving average of $23.66.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. American International Group Inc. purchased a new position in ArriVent BioPharma in the 1st quarter valued at $87,000. The Manufacturers Life Insurance Company purchased a new stake in ArriVent BioPharma in the 3rd quarter valued at approximately $240,000. SG Americas Securities LLC acquired a new position in ArriVent BioPharma during the 3rd quarter worth approximately $280,000. Rhumbline Advisers raised its stake in shares of ArriVent BioPharma by 30.1% during the 2nd quarter. Rhumbline Advisers now owns 12,707 shares of the company’s stock worth $236,000 after buying an additional 2,942 shares in the last quarter. Finally, MetLife Investment Management LLC lifted its holdings in shares of ArriVent BioPharma by 168.9% in the 3rd quarter. MetLife Investment Management LLC now owns 16,350 shares of the company’s stock valued at $384,000 after buying an additional 10,269 shares during the period. Institutional investors and hedge funds 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.