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On Thursday, BMO Capital Markets adjusted its price target on Acrivon Therapeutics Inc (NASDAQ:ACRV), a biopharmaceutical company, to $27.00, down from the previous target of $28.00. Despite the price target reduction, the firm maintained its Outperform rating on the stock.
The revision followed Acrivon Therapeutics' business update earlier in the day, in which the company reported that its cash and cash equivalents are expected to fund operations into the second half of 2026. Management spotlighted the encouraging clinical data from the ongoing ACR-368 trial, a CHK1/2 inhibitor, for endometrial cancer, which was presented at the European Society for Medical (TASE:PMCN) Oncology (ESMO) conference this year.
Additionally, Acrivon Therapeutics has successfully completed enrollment for the first cohort in the Phase 1 dose-escalation study of ACR-2316, a WEE1/PKMYT1 inhibitor, in patients with solid tumors. The analyst noted the company's unique platform and reiterated the Outperform rating.
The adjustment in the price target to $27.00 from $28.00 was attributed to slight changes in the share count and cash projections compared to previous estimates. The analyst emphasized the company's continued appeal due to its differentiated platform and the positive developments in its clinical trials.
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