Acrivon Therapeutics (NASDAQ:ACRV) Downgraded by Wall Street Zen to Sell

Key Points

• Wall Street Zen downgraded Acrivon Therapeutics from “hold” to “sell.” Weiss Ratings also maintained a sell-level assessment, though MarketBeat’s consensus remains “Moderate Buy,” with an average price target of $13.50.
• Acrivon shares opened at $1.61, near the low end of their 52-week range of $1.27 to $3.56; the company’s market capitalization is about $69 million.
• The clinical-stage biotech reported a quarterly loss of $0.43 per share, beating analysts’ estimate of a $0.50 loss. Its lead investigational drug, ACR-368, is an oral therapy being developed for difficult-to-treat cancers.

Acrivon Therapeutics (NASDAQ:ACRV - Get Free Report) was downgraded by stock analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a report released on Saturday, Wall Street Zen reports.

Separately, Weiss Ratings raised Acrivon Therapeutics from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Friday, October 9th. Three equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Acrivon Therapeutics presently has an average rating of "Moderate Buy" and an average price target of $13.50.

Acrivon Therapeutics Stock Performance

Shares of ACRV opened at $1.61 on Friday. The stock has a market capitalization of $68.99 million, a P/E ratio of -0.86 and a beta of 1.96. Acrivon Therapeutics has a 1 year low of $1.27 and a 1 year high of $3.56. The company's fifty day moving average is $1.89 and its two-hundred day moving average is $1.76.

Acrivon Therapeutics (NASDAQ:ACRV - Get Free Report) last released its quarterly earnings data on Wednesday, August 12th. The company reported ($0.43) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.50) by $0.07. Sell-side analysts predict that Acrivon Therapeutics will post -1.76 EPS for the current year.

Insider Buying and Selling

In related news, CEO Peter Blume-Jensen sold 14,036 shares of the stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $2.21, for a total value of $31,019.56. Following the transaction, the chief executive officer owned 2,230,052 shares in the company, valued at approximately $4,928,414.92. This represents a 0.63% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 17,345 shares of company stock worth $37,578 over the last three months. Corporate insiders own 10.50% of the company's stock.

Hedge Funds Weigh In On Acrivon Therapeutics

Several hedge funds have recently added to or reduced their stakes in the business. StoneX Group Inc. acquired a new position in Acrivon Therapeutics in the third quarter worth about $43,000. Spark Investment Management LLC bought a new position in Acrivon Therapeutics during the second quarter worth about $50,000. Finally, Renaissance Technologies LLC increased its position in Acrivon Therapeutics by 19.6% during the first quarter. Renaissance Technologies LLC now owns 758,440 shares of the company's stock worth $1,054,000 after buying an additional 124,271 shares during the last quarter. 71.62% of the stock is currently owned by hedge funds and other institutional investors.

Acrivon Therapeutics Company Profile

Acrivon Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing precision oncology medicines for patients with difficult-to-treat cancers. The company uses its proprietary OncoSignature platform to identify tumor characteristics that may predict a patient's response to a particular therapy, with the goal of matching treatments to the patients most likely to benefit.

Acrivon's lead investigational product is ACR-368, an oral small-molecule therapy designed to target cell-cycle checkpoint mechanisms that cancer cells rely on for survival.

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