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

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

ArriVent BioPharma Stock Performance

Shares of NASDAQ AVBP opened at $24.41 on Monday. The firm has a 50 day moving average price of $27.46 and a 200 day moving average price of $25.87. ArriVent BioPharma has a 52-week low of $14.35 and a 52-week high of $36.37.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Bank of New York Mellon Corp raised its holdings in shares of ArriVent BioPharma by 31.4% in the second quarter. Bank of New York Mellon Corp now owns 29,847 shares of the company’s stock valued at $554,000 after purchasing an additional 7,140 shares during the last quarter. Rhumbline Advisers increased its stake in ArriVent BioPharma by 30.1% in the 2nd quarter. Rhumbline Advisers now owns 12,707 shares of the company’s stock valued at $236,000 after buying an additional 2,942 shares during the last quarter. Novo Holdings A S lifted its position in ArriVent BioPharma by 39.3% during the 2nd quarter. Novo Holdings A S now owns 1,500,000 shares of the company’s stock worth $27,825,000 after buying an additional 422,860 shares in the last quarter. SG Americas Securities LLC acquired a new position in shares of ArriVent BioPharma during the 3rd quarter worth about $280,000. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of ArriVent BioPharma by 153.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 202,368 shares of the company’s stock valued at $4,756,000 after acquiring an additional 122,641 shares in the last quarter. 9.48% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, HC Wainwright reissued a “buy” rating and issued a $36.00 price target on shares of ArriVent BioPharma in a research report on Friday, November 15th. 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 $36.80.

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.