Maxim Group analyst Michael Okunewitch maintained a Buy rating on Acrivon Therapeutics, Inc. (ACRV – Research Report) yesterday and set a price target of $24.00.
Michael Okunewitch’s Buy rating for Acrivon Therapeutics, Inc. is largely due to several key factors. Firstly, the company reported encouraging initial results from its P2 clinical study for ACR-368. Despite the limited number of subjects, preliminary signs of clinical activity were observed, particularly in OncoSignature positive patients across all three tumor types. This offers the first human data to validate the use of OncoSignature in predicting response and drug activity.
Furthermore, Acrivon’s second synthetic lethality asset, ACR-2316, continues to undergo preclinical IND-enabling studies. Okunewitch also considers the recent drop in ACRV shares, attributed to the challenging biotech market and pressure on the synthetic lethality space, as a potential opportunity for investors. He maintains a positive outlook on ACRV and anticipates further data in 1H24 to provide a deeper insight into the effectiveness of ACR-368 and OncoSignature. In conclusion, despite recent market challenges, Okunewitch believes Acrivon’s ongoing research and promising initial results demonstrate a significant potential for growth, warranting a Buy rating.
In another report released yesterday, Oppenheimer also assigned a Buy rating to the stock with a $25.00 price target.
ACRV’s price has also changed dramatically for the past six months – from $13.000 to $4.375, which is a -66.35% drop .
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Acrivon Therapeutics, Inc. (ACRV) Company Description:
Acrivon Therapeutics Inc is a clinical-stage biopharmaceutical company developing oncology medicines that the Company matches to patients whose tumors are predicted to be sensitive to each specific medicine by utilizing its proteomics-based patient responder identification platform. The company’s pipeline includes the Phase 2 lead program, ACR-368, referred to as prexasertib, a targeted oncology asset, as well as preclinical stage pipeline programs targeting critical nodes in the DNA Damage Response and cell cycle regulation pathways, including WEE1, a protein kinase, and PKMYT1, a closely related protein serine/threonine kinase.
Read More on ACRV:
- Acrivon Therapeutics reports Q3 EPS (66c), consensus (71c)
- Acrivon Therapeutics Reports Third Quarter 2023 Financial Results and Business Highlights
- Acrivon Therapeutics presents data on AP platform, ACR-368 OncoSignature Assay
- Acrivon Therapeutics management to meet with Oppenheimer
- Acrivon Therapeutics Inc trading resumes
