Piper Sandler assumed coverage of Acrivon Therapeutics (ACRV) with an Overweight rating with a price target of $6, down from $30. Acrivon’s AP3 platform is an AI/ML-driven phosphoproteomics discovery engine to design precision medicines based on changes to protein signaling. Acrivon will report more Phase II ACR-368 data on 2nd-line a/rEC patients and provide registration plans for OncoSignature+ patients later this year with a potential NDA in 2026. While initially focused on cancer, AP3 can be applied to other diseases offering future partnering opportunities, the firm notes. Acrivon ended 2024 with cash of $184.6M, which should fund operations into 2027.
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