Short Interest in Acrivon Therapeutics, Inc. (NASDAQ:ACRV) Increases By 24.3%

Acrivon Therapeutics, Inc. (NASDAQ:ACRV) saw a large increase in short interest in the month of September. As of September 15th, there was short interest totalling 1,280,000 shares, an increase of 24.3% from the August 31st total of 1,030,000 shares. Approximately 5.9% of the shares of the company are short sold. Based on an average daily trading volume, of 101,600 shares, the days-to-cover ratio is currently 12.6 days.

Analysts Set New Price Targets

ACRV has been the topic of a number of research reports. HC Wainwright reiterated a “buy” rating and issued a $22.00 price objective on shares of Acrivon Therapeutics in a research note on Monday, September 16th. LADENBURG THALM/SH SH upgraded Acrivon Therapeutics from a “neutral” rating to a “buy” rating and set a $16.00 price target for the company in a research report on Monday, September 16th. JMP Securities restated a “market outperform” rating and issued a $17.00 price objective on shares of Acrivon Therapeutics in a research report on Monday, September 16th. Piper Sandler Companies reaffirmed a “buy” rating and set a $30.00 target price on shares of Acrivon Therapeutics in a report on Friday, September 6th. Finally, BMO Capital Markets reissued an “outperform” rating and set a $28.00 price target (up from $25.00) on shares of Acrivon Therapeutics in a report on Monday, September 16th. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $23.86.

Acrivon Therapeutics Stock Down 1.4 %

Shares of NASDAQ ACRV opened at $7.16 on Monday. The firm has a market cap of $221.08 million, a price-to-earnings ratio of -2.49 and a beta of 0.81. The company’s 50-day simple moving average is $8.14 and its 200-day simple moving average is $7.81. Acrivon Therapeutics has a 52-week low of $3.19 and a 52-week high of $11.90.

Acrivon Therapeutics (NASDAQ:ACRV) last posted its quarterly earnings data on Tuesday, August 13th. The company reported ($0.52) EPS for the quarter, topping the consensus estimate of ($0.60) by $0.08. Equities research analysts anticipate that Acrivon Therapeutics will post -2.4 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. American International Group Inc. raised its position 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 buying an additional 1,695 shares during the last quarter. Dimensional Fund Advisors LP acquired a new stake in Acrivon Therapeutics in the 2nd quarter valued at about $58,000. XTX Topco Ltd purchased a new position in Acrivon Therapeutics in the 2nd quarter worth approximately $61,000. Rhumbline Advisers boosted its holdings in shares of Acrivon Therapeutics by 48.9% during the 2nd quarter. Rhumbline Advisers now owns 16,209 shares of the company’s stock worth $94,000 after purchasing an additional 5,320 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its position 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 in the last quarter. 71.62% of the stock is owned by institutional investors and hedge funds.

About Acrivon Therapeutics

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.