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On Friday, H.C. Wainwright increased the price target for ArriVent BioPharma (NASDAQ: AVBP) shares to $30.00, up from the previous $25.00. The firm has sustained a Buy rating on the stock. This adjustment follows the anticipation of significant upcoming catalysts related to ArriVent BioPharma's clinical trials.
The company is currently focusing on developing firmonertinib, a treatment for non-small cell lung cancer (NSCLC) patients with specific EGFR PACC mutations.
These mutations are known to alter the drug-binding pocket of cancer cells, and firmonertinib is being evaluated in the Phase 1b FURTHER trial. Initial clinical results from this trial are expected to be presented at the World Conference on Lung Cancer (WCLC) in 2024.
Additionally, ArriVent BioPharma is in the process of selecting a development candidate for a multi-target, multivalent antibody-drug conjugate (ADC). This selection is slated to occur in late 2024 or early 2025, representing another potential growth opportunity for the company.
The firm is also preparing to announce top-line results from the Phase 3 FURVENT trial. This study is investigating firmonertinib as a frontline treatment for advanced NSCLC with EGFR exon 20 insertion mutations, comparing its efficacy against the standard platinum-based chemotherapy regimen.
The control arm for the FURVENT trial involves a combination of cisplatin or carboplatin with pemetrexed, followed by maintenance therapy with pemetrexed.
In light of these developments, H.C. Wainwright has lowered its discount rate to 10% from the previous 11%, which contributed to the raised price target. The decision reflects confidence in ArriVent BioPharma's progress and potential in the market over the next 12 months.
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