Acrivon Therapeutics (NASDAQ:ACRV) Releases Earnings Results, Beats Estimates By $0.10 EPS

Acrivon Therapeutics (NASDAQ:ACRV) announced its quarterly earnings data on Thursday. The company reported ($0.47) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.57) by $0.10, Zacks reports.

Acrivon Therapeutics Trading Down 9.2%

ACRV stock traded down $0.21 during trading on Thursday, reaching $2.07. The stock had a trading volume of 392,882 shares, compared to its average volume of 771,710. The stock’s 50 day moving average is $1.82 and its two-hundred day moving average is $1.47. The firm has a market cap of $65.12 million, a PE ratio of -0.92 and a beta of 1.82. Acrivon Therapeutics has a 52 week low of $1.05 and a 52 week high of $8.35.

Hedge Funds Weigh In On Acrivon Therapeutics

A number of hedge funds have recently modified their holdings of ACRV. UBS Group AG increased its stake in shares of Acrivon Therapeutics by 150,057.8% in the third quarter. UBS Group AG now owns 683,218 shares of the company’s stock worth $1,237,000 after purchasing an additional 682,763 shares in the last quarter. Jane Street Group LLC bought a new position in Acrivon Therapeutics in the 2nd quarter worth $371,000. XTX Topco Ltd bought a new position in Acrivon Therapeutics in the 2nd quarter worth $126,000. Finally, Invesco Ltd. purchased a new stake in Acrivon Therapeutics in the 1st quarter worth $72,000. 71.62% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

ACRV has been the topic of several recent research reports. Weiss Ratings restated a “sell (e+)” rating on shares of Acrivon Therapeutics in a research report on Wednesday, October 8th. Oppenheimer dropped their price objective on Acrivon Therapeutics from $9.00 to $8.00 and set an “outperform” rating for the company in a research note on Thursday, August 14th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Acrivon Therapeutics currently has an average rating of “Moderate Buy” and an average price target of $15.00.

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.