Acrivon Therapeutics, Inc. (NASDAQ:ACRV) Short Interest Up 21.4% in March

Acrivon Therapeutics, Inc. (NASDAQ:ACRV) was the target of a large growth in short interest in March. As of March 31st, there was short interest totalling 887,100 shares, a growth of 21.4% from the March 15th total of 730,600 shares. Based on an average daily volume of 120,400 shares, the days-to-cover ratio is currently 7.4 days. Approximately 4.1% of the company’s stock are sold short.

Institutional Investors Weigh In On Acrivon Therapeutics

Several hedge funds have recently modified their holdings of ACRV. State Street Corp increased its stake in Acrivon Therapeutics by 26.4% in the 3rd quarter. State Street Corp now owns 225,896 shares of the company’s stock valued at $1,581,000 after buying an additional 47,233 shares during the period. Barclays PLC raised its holdings in Acrivon Therapeutics by 51.2% during the third quarter. Barclays PLC now owns 33,306 shares of the company’s stock worth $233,000 after purchasing an additional 11,273 shares in the last quarter. Exome Asset Management LLC acquired a new stake in Acrivon Therapeutics in the third quarter valued at about $817,000. JPMorgan Chase & Co. boosted its holdings in Acrivon Therapeutics by 548.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 33,991 shares of the company’s stock valued at $238,000 after purchasing an additional 28,748 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. acquired a new position in Acrivon Therapeutics during the 4th quarter worth approximately $40,000. 71.62% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ACRV has been the topic of several recent analyst reports. Cantor Fitzgerald reissued an “overweight” rating on shares of Acrivon Therapeutics in a report on Wednesday, March 26th. HC Wainwright decreased their target price on Acrivon Therapeutics from $22.00 to $19.00 and set a “buy” rating for the company in a research note on Wednesday, March 26th. Finally, KeyCorp began coverage on shares of Acrivon Therapeutics in a report on Friday, January 31st. They set an “overweight” rating on the stock. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $23.17.

Acrivon Therapeutics Stock Performance

Shares of Acrivon Therapeutics stock opened at $1.81 on Friday. The company has a market capitalization of $56.75 million, a P/E ratio of -0.67 and a beta of 1.77. Acrivon Therapeutics has a 1 year low of $1.30 and a 1 year high of $10.29. The company’s fifty day moving average is $3.95 and its two-hundred day moving average is $5.81.

Acrivon Therapeutics (NASDAQ:ACRV) last issued its quarterly earnings results on Thursday, March 27th. The company reported ($0.60) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.69) by $0.09. As a group, equities analysts expect that Acrivon Therapeutics will post -2.49 earnings per share for the current year.

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.