ArriVent BioPharma (AVBP) PT Lowered to $27 at H.C. Wainwright

H.C. Wainwright analyst Robert Burns lowered the price target on ArriVent BioPharma (NASDAQ: AVBP) to $27.00 (from $47.00) while maintaining a Buy rating.

The analyst commented: "FURVENT trial narrowly misses PFS primary endpoint. Earlier this week, ArriVent announced that the Phase 3 FURVENT trial (NCT05607550), which compared firmonertinib against platinum-based chemo + pemetrexed in 1L EGFR ex20ins+ NSCLC patients, failed to meet its PFS primary endpoint because the control arm outperformed; recall, FURVENT was powered to detect a three-month mPFS difference between firmonertinib and the control arm, with the expectation that firmonertinib and the control arm would achieve an mPFS of 10–11 and 6–7 months, respectively. Per BICR, firmonertinib 240mg demonstrated an 11.0-month mPFS versus 9.5 months for the chemotherapy control arm (0.75 HR [95% CI: 0.55-1.02; p=0.0654]). For context, in the Phase 3 WUKONG-28, PAPILLON, and REZILIENT3 trials, platinum-based chemotherapy + pemetrexed demonstrated a 7.5-month, 6.7-month, and 8.5-month mPFS, respectively. Clinical benefit was observed with secondary endpoints such as PFS by investigator’s assessment (11.0 months vs 7.1 months) and confirmed objective response rate by BICR (60% vs 33%). Although not yet mature, a trend toward an improvement in overall survival was also observed."

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