Analyst Silvan Tuerkcan of JMP Securities maintained a Buy rating on Acrivon Therapeutics, Inc. (ACRV – Research Report), boosting the price target to $17.00.
Silvan Tuerkcan’s rating is based on a combination of factors, one of which includes the recent success of Acrivon Therapeutics’s R&D day. This event highlighted the positive data associated with their AP3 platform technology, particularly the ACR-368 data. The data showed that the technology had gained prospective validation in patients, which was a significant milestone for the company. The validation of the ACR-368 OncoSignature assay for patient selection was a key highlight, demonstrating a 50% confirmed objective response rate (ORR) in predicted responders to the treatment. This impressive response rate, especially when compared to current standards of care and emerging treatments, supports the potential for ACR-368 to be a competitive option in treating ovarian and endometrial cancers.
Additionally, the planned advancement of the WEE1/PKMYT1 inhibitor ACR-2316 to Investigational New Drug (IND) status by the third quarter of 2024, adds to the optimistic outlook for Acrivon Therapeutics. The biomarker-based prospective data presented showed that the OncoSignature test could effectively distinguish between responders and non-responders, which is critical for patient-specific treatment approaches. This level of precision in treatment selection, along with the ongoing and durable nature of the responses seen in OncoSignature-positive patients, provides a strong rationale for the Buy rating. Tuerkcan’s confidence is further bolstered by the potential expansion of the company’s phosphoproteomics-based data application into other therapeutic areas beyond oncology.
Tuerkcan covers the Healthcare sector, focusing on stocks such as Crispr Therapeutics AG, Acrivon Therapeutics, Inc., and MacroGenics. According to TipRanks, Tuerkcan has an average return of 6.2% and a 36.84% success rate on recommended stocks.
In another report released on April 22, JonesTrading also maintained a Buy rating on the stock with a $26.00 price target.
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Acrivon Therapeutics, Inc. (ACRV) Company Description:
Acrivon Therapeutics Inc is a clinical-stage biopharmaceutical company developing oncology medicines that the Company matches to patients whose tumors are predicted to be sensitive to each specific medicine by utilizing its proteomics-based patient responder identification platform. The company’s pipeline includes the Phase 2 lead program, ACR-368, referred to as prexasertib, a targeted oncology asset, as well as preclinical stage pipeline programs targeting critical nodes in the DNA Damage Response and cell cycle regulation pathways, including WEE1, a protein kinase, and PKMYT1, a closely related protein serine/threonine kinase.
Read More on ACRV:
- Acrivon Therapeutics Reports Breakthrough Results and Solid Finances
- Acrivon Therapeutics Reports Initial Positive Clinical Data for ACR-368 and Pipeline Program Progress Today at Corporate R&D Event
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- Acrivon Therapeutics files to sell 15.295M shares of common stock for holders
- Acrivon Therapeutics to Host Corporate R&D Event Highlighting AP3 and Pipeline Progress, Including Ongoing Prospective Validation of ACR-368 OncoSignature with Initial Phase 2 Data for ACR-368, and Preclinical Progress for ACR-2316
