ArriVent BioPharma (AVBP) PT Raised to $36 at H.C. Wainwright

H.C. Wainwright analyst Robert Burns raised the price target on ArriVent BioPharma (NASDAQ: AVBP) to $36.00 (from $30.00) while maintaining a Buy rating.

The analyst commented: "Yesterday, ArriVent presented initial clinical results at WCLC from the randomized, global Phase 1b FURTHER trial for firmonertinib in 1L NSCLC patients with EGFR PACC mutation.Recall that P-loop αC-helix compressing (PACC) mutations represent another subset of uncommon EGFR activating mutations (Robichaux et al., 2021) that are similar to exon 20 insertion mutations in altering the drug-binding pocket and are found as either single or compound EGFR mutations; EGFR PACC mutations account for ∼12.5% of all EGFR mutations. We view the 63.6% confirmed ORR for firmonertinib 240mg QD encouragingly. Accordingly, we raise the probability of approval for firmonertinib in EGFR PACC+ NSCLC to 50% from the prior 40%. After taking this change into account, we reiterate our Buy rating, while increasing our 12-month price target to $36 per share from the prior $30 per share."

You May Also Be Interested In

• Fiserv (FISV) PT Lowered to $60 at Freedom Broker
• Cantor Fitzgerald Reiterates Overweight Rating on Applied Materials (AMAT)
• Mosaic sets pricing for tender offers on up to $1.4B in debt