ArriVent BioPharma, Inc. (NASDAQ:AVBP) Sees Large Drop in Short Interest

ArriVent BioPharma, Inc. (NASDAQ:AVBP) saw a large decrease in short interest in November. As of November 15th, there was short interest totalling 3,120,000 shares, a decrease of 11.9% from the October 31st total of 3,540,000 shares. Approximately 16.1% of the company’s stock are sold short. Based on an average daily trading volume, of 275,700 shares, the days-to-cover ratio is currently 11.3 days.

ArriVent BioPharma Trading Down 2.1 %

NASDAQ AVBP traded down $0.64 during trading on Monday, reaching $29.32. The company’s stock had a trading volume of 28,706 shares, compared to its average volume of 173,259. ArriVent BioPharma has a twelve month low of $14.35 and a twelve month high of $36.37. The business’s fifty day moving average price is $28.63 and its 200-day moving average price is $23.85.

Wall Street Analyst Weigh In

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

Institutional Trading of ArriVent BioPharma

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. FMR LLC raised its position in ArriVent BioPharma by 8.7% during the 3rd quarter. FMR LLC now owns 2,119,695 shares of the company’s stock worth $49,813,000 after buying an additional 169,514 shares during the last quarter. Suvretta Capital Management LLC boosted its holdings in ArriVent BioPharma by 7.7% in the 3rd quarter. Suvretta Capital Management LLC now owns 1,845,162 shares of the company’s stock valued at $43,361,000 after purchasing an additional 132,459 shares in the last quarter. Novo Holdings A S increased its position in ArriVent BioPharma by 0.4% during the 3rd quarter. Novo Holdings A S now owns 1,505,315 shares of the company’s stock worth $35,375,000 after purchasing an additional 5,315 shares during the period. Vanguard Group Inc. purchased a new position in shares of ArriVent BioPharma during the 1st quarter worth approximately $11,586,000. Finally, Geode Capital Management LLC lifted its holdings in shares of ArriVent BioPharma by 154.2% in the 3rd quarter. Geode Capital Management LLC now owns 597,165 shares of the company’s stock valued at $14,036,000 after buying an additional 362,221 shares during the period. 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.