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Investing.com - JMP Securities has reiterated its Market Outperform rating and $13.00 price target on Acrivon Therapeutics Inc (NASDAQ:ACRV), according to a research note released Friday. The stock, which has seen a 12% gain over the past week despite falling 75% year-to-date, is currently trading below its InvestingPro Fair Value.
The firm maintained its positive stance on the clinical-stage biopharmaceutical company following Acrivon’s second-quarter update, which outlined plans to report initial clinical data from its first-in-human Phase 1 study of ACR-2316 in solid tumors.
Acrivon also plans to provide guidance on a confirmatory trial for its ACR-368 drug candidate in metastatic endometrial cancer (mEC), representing another potential catalyst for the company.
The company reported operating expenses of $18.7 million for the quarter and ended the period with a cash balance of $147.6 million, which is expected to fund operations through the second quarter of 2027.
JMP’s $13 price target, derived from discounted cash flow analysis, remains unchanged as the firm awaits "important updates in the coming months" from the clinical-stage company. Analyst targets currently range from $6 to $19, with detailed financial analysis and additional insights available in the comprehensive Pro Research Report on InvestingPro.
In other recent news, Acrivon Therapeutics has been the focus of attention following updates on its oncology drug candidates. The company is actively developing ACR-368, a CHK1/2 inhibitor aimed at treating endometrial cancer, and ACR-2316, a dual-inhibitor targeting WEE1/PKMYT1. Cantor Fitzgerald has maintained its Overweight rating on Acrivon Therapeutics, emphasizing the company’s recent management updates. Analysts at the firm have taken note of Acrivon’s efforts to seek Accelerated Approval from the U.S. Food and Drug Administration for its endometrial cancer treatment, despite a decline in the stock following updates on the objective response rate. No specific timeline for regulatory alignment has been provided, but Acrivon is working diligently toward this goal. The company is advocating for approval based on what it perceives as a low benchmark in second-line treatments. These developments highlight Acrivon’s strategic focus on advancing its drug candidates in the competitive oncology field.
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