Acrivon Therapeutics (NASDAQ:ACRV) Shares Down 0.6% - Here's What Happened

Key Points

• Acrivon Therapeutics shares fell 0.6% to $1.72, with trading volume about 18% above its average. The company has a market capitalization of approximately $73.7 million.
• Analyst sentiment remains mixed but leans positive, with three Buy ratings and one Sell rating producing a “Moderate Buy” consensus and a $13.50 target price.
• The company exceeded its latest quarterly EPS estimate, reporting a loss of $0.43 per share versus the expected $0.50 loss. Renaissance Technologies also increased its stake by 19.6%, while the CEO sold shares to cover tax obligations related to vested equity awards.

Acrivon Therapeutics, Inc. (NASDAQ:ACRV - Get Free Report)'s stock price fell 0.6% during trading on Monday. The stock traded as low as $1.69 and last traded at $1.72. Approximately 259,132 shares traded hands during trading, an increase of 18% from the average daily volume of 219,964 shares. The stock had previously closed at $1.73.

Analysts Set New Price Targets

A number of research firms recently weighed in on ACRV. Weiss Ratings raised shares of Acrivon Therapeutics from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Friday, October 9th. Wall Street Zen raised shares of Acrivon Therapeutics from a "sell" rating to a "hold" rating in a research note on Monday, October 5th. Three equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $13.50.

Acrivon Therapeutics Price Performance

The firm has a 50 day simple moving average of $1.97 and a two-hundred day simple moving average of $1.77. The stock has a market cap of $73.70 million, a price-to-earnings ratio of -0.91 and a beta of 1.91.

Acrivon Therapeutics (NASDAQ:ACRV - Get Free Report) last posted its earnings results 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. On average, sell-side analysts expect that Acrivon Therapeutics, Inc. will post -1.76 earnings per share for the current fiscal year.

Insider Transactions at Acrivon Therapeutics

In related news, CEO Peter Blume-Jensen sold 14,036 shares of the business's stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $2.21, for a total transaction of $31,019.56. Following the completion of the transaction, the chief executive officer owned 2,230,052 shares in the company, valued at approximately $4,928,414.92. The trade was a 0.63% decrease in their ownership of the stock. The sale was disclosed in a document filed 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 18,487 shares of company stock worth $39,370 in the last ninety days. 10.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Acrivon Therapeutics

An institutional investor recently raised its position in Acrivon Therapeutics stock. Renaissance Technologies LLC increased its holdings in shares of Acrivon Therapeutics, Inc. (NASDAQ:ACRV - Free Report) by 19.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 758,440 shares of the company's stock after buying an additional 124,271 shares during the quarter. Renaissance Technologies LLC owned 1.77% of Acrivon Therapeutics worth $1,054,000 as of its most recent SEC filing. 71.62% of the stock is currently owned by hedge funds and other institutional investors.

About Acrivon Therapeutics

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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