AVEO Pharmaceuticals, Inc. (NASDAQ: AVEO) is having an overwhelmingly strong day in the market today, following up on recent gains that we’ve seen from the stock. Ultimately, the sharp run toward the top is related to news out of the EU that broke on Friday, leading to excitement surrounding the potential approval of a new drug. As is almost always the case, our partners at Trade Ideas were the first to alert us to the frenzy on the stock. At the moment (10:43), AVEO is trading at $1.93 per share after a gain of $0.68 per share or 54.40% thus far today.
AVEO Nears Approval For Tivozanib
As mentioned above, AVEO Pharmaceuticals is having an incredible time in the market today, following up on gains that we saw late last week surrounding the strong chances of approval of tivozanib. On Friday, the European Medicines Agency announced that its Committee for Medical Products for Human Use, also known as CHMP, gave its nod of approval surrounding the oral, once-daily drug for first-line treatment of advanced renal cell carcinoma, more commonly known as kidney cancer. The EMA also announced that the CHMP backed the drug for the treatment of adult patients with advanced kidney cancer who met certain criteria and had received one prior treatment with cytokine therapy.
While recommendations by the CHMP are are not the final approval, they generally lead to approval and are endorsed by the European Commission within a couple of months. As a result, chances are great that in a couple of months, AVEO will be able to commence marketing of this treatment in Europe, a region with the highest rates of kidney cancer in the world!
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on AVEO. In particular, we’re interested in following the road to approval, as it seems as though that’s where the company is headed with tivozanib. We’re also interested in watching as the company moves to commercialize and excited to see the results. Nonetheless, we’ll follow the story closely and bring the news to you as it breaks.
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