Canopy Growth stock tumbles after announcing $200 million share sale plan
In recent transactions reported to the SEC, Perceptive Advisors LLC, a significant shareholder in Acrivon Therapeutics , Inc. (NASDAQ:ACRV), sold a substantial number of shares. The transactions, which took place on April 30 and May 1, involved the sale of 437,881 shares at a weighted average price of $1.41 and 298,886 shares at a weighted average price of $1.34, respectively. The sales were conducted at prices ranging from $1.33 to $1.53 per share. The stock is currently trading near its 52-week low of $1.30, having declined about 84% over the past year. According to InvestingPro analysis, technical indicators suggest the stock is in oversold territory.
These transactions resulted in a total sale value of approximately $1.02 million. Following these sales, Perceptive Advisors LLC retains ownership of 3,104,139 shares of Acrivon Therapeutics, which represents a significant portion of the company’s current market capitalization of $43.89 million. InvestingPro data shows the company maintains a strong liquidity position with a current ratio of 10.55 and more cash than debt on its balance sheet. Subscribers can access 15+ additional ProTips and comprehensive financial metrics in the Pro Research Report.
The shares are directly held by Perceptive Life Sciences Master Fund Ltd., with Perceptive Advisors LLC serving as the investment manager. Joseph Edelman, the managing member of Perceptive Advisors LLC, signed the report, highlighting his role in overseeing the investment activities of the fund.
In other recent news, Acrivon Therapeutics has reported its financial performance for the fourth quarter and full year of 2024, with operating expenses reaching $25 million in the last quarter and $89.2 million for the year. The company also disclosed an earnings per share (EPS) of ($0.60) for the fourth quarter and ($2.43) for the full year. Analyst firm H.C. Wainwright adjusted its price target for Acrivon to $19.00, down from $22.00, while maintaining a Buy rating, following an investor webinar that presented updated results from the Phase 2 study of ACR-368. Cantor Fitzgerald also maintained an Overweight rating, highlighting strong data on ACR-368, despite some efficacy dilution, and noted a strategic shift to prioritize endometrial cancer. JMP Securities reiterated a Market Outperform rating with a $17.00 price target, emphasizing the promising profile of ACR-368 in metastatic endometrial cancer. Acrivon has appointed Dr. Mansoor Raza Mirza as its new chief medical officer to lead the clinical development of its pipeline, including the ACR-368 and ACR-2316 trials. The company ended 2024 with a robust cash position of $179.5 million, expected to support operations into 2027. These recent developments reflect Acrivon’s focused efforts on advancing its oncology drug candidates and strategic adjustments in its research priorities.
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