On Thursday, Piper Sandler adjusted its outlook on Acrivon Therapeutics Inc (NASDAQ:ACRV), increasing the stock price target to $30.00 from the previous $26.00. The firm sustained its Overweight rating on the stock. Acrivon reported initial clinical data for ACR-368, along with the testing of its AP3 platform, which is designed to select patient responders, particularly in ovarian and endometrial cancer cohorts.
The data, which included results from 5 ovarian and 5 endometrial patients who were positive for OncoSignature, showed confirmed response rates of 40% and 60%, respectively. These rates are seen as an indication of the AP3 platform's capability to enrich for responders, contrasting with a 0% objective response rate in 16 patients who tested negative for OncoSignature.
The analyst from Piper Sandler noted that the early clinical data not only support the AP3 platform's ability to identify potential responders but also hint at the possibility of future registration paths for the treatment. Moreover, the preliminary results in endometrial cancer are believed to reduce the risk for the ongoing studies in bladder cancer cohorts.
The potential for ACR-368 to move into registrational development for three solid tumor indications was highlighted as a positive development. In response to these findings, Piper Sandler has slightly increased the probability of success and reduced the discount rate, which contributed to the higher price target for Acrivon Therapeutics' shares.
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