Acrivon Therapeutics, Inc. (NASDAQ:ACRV) Sees Significant Drop in Short Interest

Acrivon Therapeutics, Inc. (NASDAQ:ACRV) was the recipient of a large decrease in short interest during the month of September. As of September 30th, there was short interest totalling 1,210,000 shares, a decrease of 5.5% from the September 15th total of 1,280,000 shares. Based on an average daily volume of 93,600 shares, the days-to-cover ratio is presently 12.9 days. Approximately 5.6% of the shares of the stock are short sold.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in ACRV. Vanguard Group Inc. increased its position in Acrivon Therapeutics by 6.6% during the first quarter. Vanguard Group Inc. now owns 507,185 shares of the company’s stock worth $3,626,000 after buying an additional 31,208 shares during the period. American International Group Inc. increased its holdings in shares of Acrivon Therapeutics by 39.2% in the first quarter. American International Group Inc. now owns 6,016 shares of the company’s stock valued at $43,000 after purchasing an additional 1,695 shares during the period. Baker BROS. Advisors LP acquired a new position in shares of Acrivon Therapeutics in the first quarter valued at approximately $378,000. Bank of New York Mellon Corp increased its holdings in shares of Acrivon Therapeutics by 50.1% in the second quarter. Bank of New York Mellon Corp now owns 36,632 shares of the company’s stock valued at $212,000 after purchasing an additional 12,219 shares during the period. Finally, Rhumbline Advisers increased its holdings in shares of Acrivon Therapeutics by 48.9% in the second quarter. Rhumbline Advisers now owns 16,209 shares of the company’s stock valued at $94,000 after purchasing an additional 5,320 shares during the period. Institutional investors and hedge funds own 71.62% of the company’s stock.

Acrivon Therapeutics Stock Performance

Shares of NASDAQ ACRV opened at $7.87 on Friday. Acrivon Therapeutics has a fifty-two week low of $3.19 and a fifty-two week high of $11.90. The firm has a market capitalization of $243.00 million, a PE ratio of -2.73 and a beta of 0.78. The stock’s 50-day simple moving average is $7.96 and its 200-day simple moving average is $7.89.

Acrivon Therapeutics (NASDAQ:ACRV) last issued its earnings results on Tuesday, August 13th. The company reported ($0.52) earnings per share for the quarter, topping the consensus estimate of ($0.60) by $0.08. On average, sell-side analysts forecast that Acrivon Therapeutics will post -2.4 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms recently commented on ACRV. BMO Capital Markets reissued an “outperform” rating and issued a $28.00 price objective (up from $25.00) on shares of Acrivon Therapeutics in a research note on Monday, September 16th. LADENBURG THALM/SH SH raised Acrivon Therapeutics from a “neutral” rating to a “buy” rating and set a $16.00 price objective for the company in a research report on Monday, September 16th. HC Wainwright restated a “buy” rating and set a $22.00 target price on shares of Acrivon Therapeutics in a report on Monday, September 16th. JMP Securities restated a “market outperform” rating and set a $17.00 target price on shares of Acrivon Therapeutics in a report on Monday, September 16th. Finally, Piper Sandler Companies reiterated a “buy” rating and issued a $30.00 price objective on shares of Acrivon Therapeutics in a research note on Friday, September 6th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $23.83.

Acrivon Therapeutics Company Profile

Acrivon Therapeutics, Inc, a clinical stage biopharmaceutical company, engages in developing oncology medicines for the patients whose tumors are predicted to be sensitive to each specific medicine by utilizing its proteomics-based patient responder identification platform. The company's Acrivon Predictive Precision Proteomics, a precision medicine platform enables the creation of drug specific proprietary OncoSignature companion diagnostics that are used to identify the patients to benefit from its drug candidates.