AVEO Pharmaceuticals, Inc. (NASDAQ: AVEO) is having a great start to the trading session in the pre-market this morning, following up on the strong gains that we saw yesterday. Today’s gains seem to be the result of data that was released. Today, we’ll talk about:
- The data release;
- what we’re seeing from AVEO stock as a result; and
- what we’ll be watching for ahead.
AVEO Announces Clinical Data
As mentioned above, AVEO Pharmaceuticals is having a great day in the market today after announcing positive clinical data. The data came after rumors suggested that the company would be taken over by AZN, leading to strong gains in the market yesterday.
In a press release, the company announced the results of a Phase 1b expansion cohort of ficalatuzumab in conbination with cytarabine. Ficlatuzumab is a potent hepatocyte growth factor inhibitor antibody product candidate under development by AVEO. Cytarabine is a drug developed by Biodesix.
In the study, the company assessed the combination treatment as an option for patients with relapsed or refractory acute myeloid leukemia (AML). The company said that the results were presented in a poster session at the American Association for Cancer Research 2019 Annual Meeting.
In the release, the company said that 12 patients received the combination treatment at the maximum tolerated dose, with half of them acheiving a complete response. Moreover, of 17 evaluable patients, 9 had achieved a complete response.
Finally, the company said that adverse events were minimal, with the most frequent grade 3 to 4 adverse events observed being febrile neutropenia, LFT abnormalities, and electrolyte disterbance. Unfortunately, one death was the result of sepsis and one patient withdrew from the study due to a grade 4 gastrointestinal bleed that was determined to be likely ficlatuzumab related.
In a statement, Michael Bailey, President and CEO at AVEO, had the following to offer:
In addition to an attractive tolerability profile observed to date, we also see the potential to identify biomarkers of response using RNA sequencing. In light of these data, we believe that further evaluation in this patient population is warranted, and we look forward to considering additional studies with our partners at Biodesix as a potential next step for the program.
The company also announced in a press release this morning, that it would be presenting at the H.C. Wainwright Global Life Sciences Conference. This conference will take place in Lonon and the company will present on April 9 at 2:10 p.m. BST.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to work in the market is that the news leads to moves. When it comes to AVEO, the news proved to be overwhelmingly positive.
After all, not only did the company announce positive clinical data, the data was presented at the AARC and will be presenting the strong data at yet another conference within a week. So, it’s not surprising to see that excited investors are pushing the stock on a run for the top in the market this morning.
As is normally the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (8:38), AVEO is trading at $1.23 per share after a gain of $0.12 per share or 10.81% 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 to bring ficlatuzumab to market as well as bring tivozanib to patients in the United States. We’re also following the takeover chatter as we believe that the company does make a strong candidate for a takeover as it stands right now. Nonetheless, we’ll keep an eye on the story and bring the news to you as it breaks!
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