AVEO Oncology (NASDAQ: AVEO) is having an incredibly strong start to the trading session this morning, and for good reason. The company announced that it has initiated the analysis of pivotal clinical data, exciting investors who are pushing the stock on a run for the top. Today, we’ll talk about:
- The clinical update;
- what we’re seeing from AVEO as a result; and
- what we’ll be watching for ahead.
AVEO Announces Data Analysis
As mentioned above, AVEO Oncology is having an incredibly strong start to the trading session this monring after the company announced a clinical update. In a press release issued early this morning, the company said that it has initiated a topline analysis of the Phase 3 TIVO-3 clinical trial.
In the release, AVEO said that the analysis is the result of a unanimous recommendation of the independent TIVO-3 Study Steering Committee, as well as notice from the FDA. It is expected that the analysis will be completed and data will be reported within the next 6 weeks.
Since the last revieew of events, 42 patients remain on treatment in the study and 28 of these patients have yet to have a PFS event as determined by the independent radiology committee. Also, the company said that all patients still enrolled in the study will continue to receive treatment and the company will remain blinded to the study data until the analysis is complete. In a statement, Michael Bailey, President and CEO at AVEO, had the following to offer:
Initiation of the topline analysis of the TIVO-3 trial brings us one step closer to potentially realizing the strategy we laid out in 2015, which included commercialization of tivozanib in the United States and Europe, and exploration of tivozanib’s clinical potential in immunotherapy combinations… With the introduction of immunotherapy as a treatment for earlier-line RCC, survival among patients is extending well beyond disease progression on first- and second-line treatment, which we believe may substantially increase the third-plus-line opportunity for tivozanib. TIVO-3 has the potential to serve as the first prospective Phase 3 randomized dataset in this setting, creating an evidence-based guidepost for sequencing therapies in refractory disease. We look forward to announcing the topline results of TIVO-3 in the coming weeks.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to dig into the market is that the news leads to moves. In the case of AVEO, the news proved to be positive. With data coming in weeks, investors are excited to see how the trial is progressing, especially considering the positive data that has already been released from TIVO-3. So, it comes as no surprise to see that excited investors are sending the stock screaming for the top. As is normally the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (8:41), AVEO is trading at $3.50 per share after a gain of $0.19 per share or 5.74% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on AVEO. In particular, we’re interested in following the story surrounding the company’s continued work surrounding the TIVO-3 trial as it has produced positive results thus far. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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