ArriVent Biopharma initiated with an Overweight at Cantor Fitzgerald

Cantor Fitzgerald initiated coverage of ArriVent Biopharma (AVBP) with an Overweight rating. Firmonertinib is approved in China for first-line non-small cell lung cancer with classical EGFR mutations, notes the analyst, who views the tyrosine kinase inhibitor as positioned to be a first-in-class TKI for first-line uncommon/non-classical EGFR mutations where unmet need is high in the U.S. The firm is assigning 60%-plus probability of success for two Phase 3 readouts and models unadjusted peak sales of $2B in the bull case. The firm estimates the shares are worth $38, implying 71% upside, the analyst added.