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

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

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in AVBP. SG Americas Securities LLC bought a new position in ArriVent BioPharma during the third quarter valued at approximately $280,000. Novo Holdings A S raised its holdings in shares of 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 acquiring an additional 5,315 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of ArriVent BioPharma by 153.8% during 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 during the last quarter. The Manufacturers Life Insurance Company purchased a new position in shares of ArriVent BioPharma in the third quarter valued at $240,000. Finally, FMR LLC increased its position in ArriVent BioPharma by 8.7% in the third quarter. FMR LLC now owns 2,119,695 shares of the company’s stock worth $49,813,000 after purchasing an additional 169,514 shares during the last quarter. Hedge funds and other institutional investors own 9.48% of the company’s stock.

ArriVent BioPharma Stock Performance

AVBP traded down $0.80 during trading on Monday, hitting $27.74. 114,789 shares of the company traded hands, compared to its average volume of 140,271. The stock’s 50-day simple moving average is $27.14 and its two-hundred day simple moving average is $26.48. ArriVent BioPharma has a 1 year low of $14.35 and a 1 year high of $36.37.

Wall Street Analyst Weigh In

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

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.