Analyst Yigal Nochomovitz of Citi assigned a Buy rating on ArriVent BioPharma, Inc. (AVBP – Research Report), boosting the price target to $40.00.
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Yigal Nochomovitz has given his Buy rating due to a combination of factors that highlight the promising prospects for ArriVent BioPharma, Inc. The company has reported encouraging data in the 1L EGFR PACC mutant segment of the NSCLC market, which has led to an increase in their target price from $36 to $40. This is supported by a higher probability of success in the PACC segment, now estimated at 60% compared to the previous 50%.
Furthermore, ArriVent is set to embark on significant clinical trials, including the first Phase 3 trial specifically targeting PACC, and a global adjuvant uncommon mutant NSCLC Phase 3 trial. The upcoming top-line Phase 3 FURVENT data in 1L EGFR Exon 20 is expected to further bolster the company’s momentum. The updated PACC data shows improved outcomes at the Phase 3 dose, with an objective response rate increasing to 68.2% and a median progression-free survival of 16 months, which compares favorably against competitors. These factors collectively suggest a strong potential for ArriVent’s stock to perform well into the second half of the year.
Nochomovitz covers the Healthcare sector, focusing on stocks such as Summit Therapeutics, Arcturus Therapeutics, and Travere Therapeutics. According to TipRanks, Nochomovitz has an average return of 2.9% and a 38.16% success rate on recommended stocks.
In another report released today, JonesTrading also initiated coverage with a Buy rating on the stock with a $45.00 price target.