ArriVent BioPharma (NASDAQ:AVBP) Shares Down 3.3%

ArriVent BioPharma, Inc. (NASDAQ:AVBP)’s stock price dropped 3.3% during trading on Wednesday . The stock traded as low as $16.04 and last traded at $16.25. Approximately 30,546 shares were traded during trading, a decline of 85% from the average daily volume of 200,150 shares. The stock had previously closed at $16.80.

Analyst Upgrades and Downgrades

AVBP has been the subject of several research analyst reports. The Goldman Sachs Group began coverage on shares of ArriVent BioPharma in a research note on Tuesday, February 20th. They issued a “buy” rating and a $27.00 price objective for the company. Citigroup started coverage on ArriVent BioPharma in a research note on Tuesday, February 20th. They set a “buy” rating and a $30.00 price target on the stock. Finally, Jefferies Financial Group began coverage on ArriVent BioPharma in a research note on Tuesday, February 20th. They issued a “buy” rating and a $35.00 price objective for the company.

ArriVent BioPharma Stock Down 2.7 %

The business’s 50-day moving average price is $19.37.

Insider Transactions at ArriVent BioPharma

In other news, major shareholder Hillhouse Investment Managemen purchased 555,555 shares of the business’s stock in a transaction that occurred on Tuesday, January 30th. The stock was purchased at an average cost of $18.00 per share, with a total value of $9,999,990.00. Following the completion of the acquisition, the insider now directly owns 4,484,672 shares of the company’s stock, valued at approximately $80,724,096. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, Director Orbimed Advisors Llc purchased 444,444 shares of the stock in a transaction dated Tuesday, January 30th. The shares were acquired at an average cost of $18.00 per share, with a total value of $7,999,992.00. Following the purchase, the director now directly owns 1,513,664 shares in the company, valued at approximately $27,245,952. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Hillhouse Investment Managemen acquired 555,555 shares of ArriVent BioPharma stock in a transaction that occurred on Tuesday, January 30th. The stock was bought at an average price of $18.00 per share, with a total value of $9,999,990.00. Following the purchase, the insider now directly owns 4,484,672 shares of the company’s stock, valued at $80,724,096. The disclosure for this purchase can be found here.

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. It also engages in the development and commercialization of targeted cancer therapies for non-small-cell lung cancer (NSCLC) and other solid tumors.