ArriVent Biopharma initiated with an Outperform at Oppenheimer

Oppenheimer initiated coverage of ArriVent Biopharma (AVBP) with an Outperform rating and $35 price target. The firm notes ArriVent holds ex-China rights to third-generation EGFR inhibitor firmonertinib, which generated more than $250M in China revenues for partner Allist in 2023. ArriVent is leading the global pivotal “FURVENT” study, anticipated to read out the second half of 2025 in 1L NSCLC patients with Exon 20 insertion mutations, along with trials for additional EGFR mutations, supporting a potential U.S. opportunity greater than $1.5B, says Oppenheimer. Current clinical data suggests ArriVent has the potential for a best-in-indication profile in a market with only one recently approved option, Johnson & Johnson’s (JNJ) Rybrevant, the firm adds.