As previously reported, Maxim analyst Michael Okunewitch initiated coverage of Acrivon Therapeutics (ACRV) with a Buy rating and $24 price target. The company’s lead program ACR-368 is a DNA damage response targeted synthetic lethality drug licensed from Lilly (LLY), while its OncoSignature approach – a biomarker profile generated by AP3 platform – enabled an enrichment of response rates to 45%-55%, from 12%-29% using retrospective datasets, the analyst tells investors in a research note. Maxim adds that Acrivon is well funded with $150M in cash, which should provide funding into 2025 and through the initial Phase 2 clinical readouts in platinum-resistant ovarian, endometrial, and bladder cancer in Q4 of this year.
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