Acrivon Therapeutics (NASDAQ:ACRV) Stock Price Crosses Above Two Hundred Day Moving Average - Here's What Happened

Key Points

• Acrivon Therapeutics shares crossed above their 200-day moving average, reaching $1.79 versus the $1.76 average, on trading volume of 132,239 shares.
• Analyst sentiment is mixed but leans positive: three analysts rate ACRV a Buy and one rates it a Sell, producing a consensus “Moderate Buy” rating and a $13.50 average price target.
• The company reported a quarterly loss of $0.43 per share, beating estimates of a $0.50 loss. CEO Peter Blume-Jensen recently sold shares to cover tax withholding, while Spark Investment Management initiated a 28,300-share position.

Acrivon Therapeutics, Inc. (NASDAQ:ACRV - Get Free Report)'s stock price crossed above its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $1.76 and traded as high as $1.79. Acrivon Therapeutics shares last traded at $1.79, with a volume of 132,239 shares traded.

Analysts Set New Price Targets

Several analysts have recently issued reports on ACRV shares. 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 Acrivon Therapeutics from a "sell" rating to a "hold" rating in a research report on Monday, October 5th. Three analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $13.50.

Acrivon Therapeutics Stock Up 2.9%

The company has a market cap of $76.71 million, a price-to-earnings ratio of -0.95 and a beta of 1.91. The stock has a 50 day simple moving average of $1.96 and a 200 day simple moving average of $1.76.

Acrivon Therapeutics (NASDAQ:ACRV - Get Free Report) last posted its quarterly earnings data on Wednesday, August 12th. The company reported ($0.43) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.50) by $0.07. As a group, equities research analysts expect that Acrivon Therapeutics, Inc. will post -1.76 EPS for the current fiscal year.

Insider Buying and Selling at Acrivon Therapeutics

In related news, CEO Peter Blume-Jensen sold 14,036 shares of the firm's stock in a transaction 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 sale, the chief executive officer directly owned 2,230,052 shares of the company's stock, valued at approximately $4,928,414.92. This trade represents a 0.63% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 18,487 shares of company stock valued at $39,370 in the last ninety days. 10.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Acrivon Therapeutics

An institutional investor recently bought a new position in Acrivon Therapeutics stock. Spark Investment Management LLC acquired a new stake in shares of Acrivon Therapeutics, Inc. (NASDAQ:ACRV - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 28,300 shares of the company's stock, valued at approximately $50,000. Spark Investment Management LLC owned approximately 0.07% of Acrivon Therapeutics as of its most recent SEC filing. 71.62% of the stock is 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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