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Investing.com - Citi raised its price target on ArriVent BioPharma (NASDAQ:AVBP) stock to $40.00 from $36.00 on Monday while maintaining a Buy rating following positive lung cancer treatment data. ArriVent, a clinical-stage biopharmaceutical company focused on precision oncology, went public in January 2024.
The price target increase reflects Citi’s higher probability of success estimate for ArriVent’s treatment in the EGFR PACC mutant segment of non-small cell lung cancer (NSCLC), which the firm now places at approximately 60% compared to its previous 50% estimate. Want deeper insights into biotech sector valuations and growth potential? InvestingPro offers exclusive analysis and financial metrics to help you make informed investment decisions.
ArriVent plans to begin a Phase 3 trial specifically targeting PACC mutations in the second half of 2025, which Citi notes would be the first such late-stage trial focused on this specific mutation type.
The company is also preparing for top-line Phase 3 FURVENT data in first-line EGFR Exon 20 expected in the second half of 2025, and is commencing a global adjuvant uncommon mutant NSCLC Phase 3 trial with partner Allist this year.
Citi expects ArriVent shares to appreciate further over the next 90 days as investors recognize the potential of the EGFR PACC market segment following the updated positive Phase 1b data and the company’s newly announced plans for the Phase 3 trial.
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