Short Interest in Acrivon Therapeutics, Inc. (NASDAQ:ACRV) Declines By 8.3%

Acrivon Therapeutics, Inc. (NASDAQ:ACRV) was the recipient of a large decrease in short interest in the month of October. As of October 15th, there was short interest totalling 1,110,000 shares, a decrease of 8.3% from the September 30th total of 1,210,000 shares. Based on an average daily volume of 90,900 shares, the short-interest ratio is currently 12.2 days. Approximately 5.1% of the shares of the company are sold short.

Institutional Investors Weigh In On Acrivon Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of the stock. American International Group Inc. raised its position in shares of Acrivon Therapeutics by 39.2% during the first quarter. American International Group Inc. now owns 6,016 shares of the company’s stock valued at $43,000 after buying an additional 1,695 shares during the last quarter. Rhumbline Advisers raised its position in shares of Acrivon Therapeutics by 48.9% during the second quarter. Rhumbline Advisers now owns 16,209 shares of the company’s stock valued at $94,000 after buying an additional 5,320 shares during the last quarter. Dimensional Fund Advisors LP bought a new stake in shares of Acrivon Therapeutics during the second quarter valued at approximately $58,000. XTX Topco Ltd bought a new stake in shares of Acrivon Therapeutics during the second quarter valued at approximately $61,000. Finally, Bank of New York Mellon Corp raised its position in shares of Acrivon Therapeutics by 50.1% during the second quarter. Bank of New York Mellon Corp now owns 36,632 shares of the company’s stock valued at $212,000 after buying an additional 12,219 shares during the last quarter. Institutional investors own 71.62% of the company’s stock.

Acrivon Therapeutics Stock Performance

Shares of ACRV stock opened at $8.00 on Friday. The stock has a fifty day simple moving average of $7.99 and a two-hundred day simple moving average of $7.90. The firm has a market capitalization of $247.78 million, a PE ratio of -2.89 and a beta of 0.78. Acrivon Therapeutics has a 52-week low of $3.19 and a 52-week high of $11.90.

Acrivon Therapeutics (NASDAQ:ACRV) last released its earnings results on Tuesday, August 13th. The company reported ($0.52) earnings per share (EPS) 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 EPS for the current fiscal year.

Analyst Ratings Changes

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