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On Wednesday, H.C. Wainwright analyst Robert Burns raised the price target on ArriVent BioPharma (NASDAQ:AVBP) to $40.00 from $39.00, while reiterating a Buy rating on the stock. Currently trading at $19.10, AVBP has received strong analyst support, with consensus targets ranging from $36 to $45. According to InvestingPro data, two analysts have recently revised their earnings expectations upward. The adjustment follows promising clinical trial results for the company’s drug candidate, firmonertinib, in treating non-small cell lung cancer (NSCLC) patients with EGFR PACC mutations.
The latest data presented at the World Conference on Lung Cancer (WCLC) in 2024 showed firmonertinib achieving impressive objective response rates (ORR). At the 160mg QD dose, the best ORR was 47.8%, with a confirmed ORR of 34.8%. The 240mg QD dose showed even better results, with a best ORR of 81.8% and a confirmed ORR of 63.6%. These results were evaluated by blinded independent central review (BICR), and the median duration of response has not been reached, indicating the potential for long-term benefits.
The responses were notable across both common and rare EGFR PACC mutations, and the drug also showed efficacy in patients with brain metastases, with 46.2% of such patients demonstrating a confirmed CNS ORR. Safety data from the FURTHER trial revealed that treatment-related adverse events (TRAEs) were manageable, with a relatively low percentage of patients experiencing serious side effects or needing to discontinue treatment.
Burns highlighted the significance of these findings by comparing them to existing treatments. The ORRs for first-, second-, and third-generation tyrosine kinase inhibitors (TKIs) were 37.2%, 59.6%, and 46.3%, respectively. Given that there is currently no FDA-approved treatment specifically for NSCLC patients with EGFR PACC mutations, firmonertinib’s confirmed ORR of 63.6% at the 240mg QD dose is seen as a strong outcome. InvestingPro analysis shows the company maintains a strong financial position with more cash than debt and a healthy current ratio of 14.34x, providing runway for continued development.
ArriVent BioPharma’s firmonertinib is positioned to fill a treatment gap for NSCLC patients with specific genetic mutations. With a market capitalization of $653 million, the company appears undervalued according to InvestingPro Fair Value metrics. The raised price target reflects the analyst’s confidence in the drug’s market potential and its ability to become a standard-of-care for this patient population. InvestingPro subscribers have access to 5 additional exclusive insights about AVBP’s financial health and growth prospects.
In other recent news, ArriVent BioPharma announced the appointment of Merdad Parsey, M.D., Ph.D., to its Board of Directors, bringing significant expertise in global clinical development as the company advances its lead candidate, firmonertinib. In terms of financial analysis, B.Riley initiated coverage on ArriVent with a Buy rating and a $37.00 price target, emphasizing the potential for firmonertinib in treating non-small cell lung cancer (NSCLC) with specific mutations. H.C. Wainwright also maintained a Buy rating with a $39.00 target, highlighting firmonertinib’s promising clinical data presented at the World Conference on Lung Cancer.
Furthermore, Oppenheimer reaffirmed an Outperform rating and a $39.00 price target for ArriVent, noting the company’s strong financial position with $266.5 million in cash reserves, which is expected to support operations through 2026. ArriVent’s recent change in auditors from KPMG to PwC was approved by its Audit Committee, with no disagreements reported on financial matters. This move follows the remediation of previously reported material weaknesses in internal controls over financial reporting.
The company is also making strides in its Antibody-Drug Conjugate (ADC) programs, collaborating with Lepu Biopharma, Aarvick Therapeutics, and Jiangsu Alphamab. These developments reflect ArriVent’s ongoing efforts to expand its pipeline and address unmet medical needs in cancer care.
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