Citi ups ArriVent price target to $40, adding ‘upside 90-day short-term view’

Citi raised the firm’s price target on ArriVent Biopharma (AVBP) to $40 from $36 and keeps a Buy rating on the shares, arguing that the follow up proof-of-concept data from the Phase 1b FURTHER trial for first-line firmonertinib monotherapy in patients with non-small cell lung cancer harboring EGFR PACC mutations “support an increasingly bullish view of the opportunity in this segment of the NSCLC market.” Momentum appears to be building and the stock should trade well into the second half, says the analyst, whose raised target reflects a higher 60% view of the odds of success in the PACC segment, up from about 50% previously. In addition, the analyst is adding an “upside 90-day short-term view” on Arrivent Biopharma, given the expectation for shares to appreciate further over the next roughly 90 days as investors better appreciate the potential of the EGFR PACC market segment.