AVEO Pharmaceuticals, Inc. (NASDAQ: AVEO) is having a great start to the trading session this morning, and for good reason. Late last week, the company announced the presentation of positive data at the 2019 American Society of Clinical Oncology (ASCO) Genitourinary (GU) Cancers Symposium. As you could imagine, the news proved to be exciting. Today, we’ll talk about:
- The presentation;
- what we’re seeing from AVEO stock as a result; and
- what we’ll be watching for ahead.
AVEO Announces Presentation
As mentioned above, AVEO Oncology is having a great start to the trading session this mroning after announcing the presentation of data late last week.
The data came from the Phase 3 TIVO-3 study. During the study, the company assessed its tivozanib, also known as FOTIVDA, against sorafenib in refractory advanced or metastatica renal cell carcinoma (RCC).
In the release, the company said that the data were presented by Dr. Brian Rini, Professor of Medicine at the Clevelan Clinical Lerner College of Medicine of Case Western Reserve University. The presentation was titled, “TIVO-3: A Phase 3, Randomized, Controlled, Multi-Center, Open-Label Study to Compare Tivozanib to Soravenib in Subjects with Refractory Advanced Renal Cell Carcinoma (RCC).”
In a statement, Dr. Rini had the following to offer:
Tivozanib continues to demonstrate a unique activity and tolerability profile among VEGF TKIs in the treatment of kidney cancer. This is underscored by a significant improvement in progression free survival and overall response rate compared to sorafenib in patients with treatment-refractory advanced RCC. I look forward to understanding how this improvement impacts overall survival as the TIVO-3 study continues to mature.
The above statement was followed up by Michael Bailey, president and CEO at AVEO. Here’s what he had to say:
We remain committed to our goal of improving outcomes and patient experience in RCC. The improvement in progression free survival in the TIVO-3 study, particularly in patients who received prior immunotherapy, is noteworthy. We are hopeful that these positive PFS outcomes translate into an improved overall survival hazard ratio when we report a more mature interim OS outcome in the fourth quarter of 2019. We expect to make a new drug application filing decision following the availability of more mature OS results.
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 Pharmaceuticals, the news proved to be overwhelmingly positive. After all, not only was positive data presented, the appearance at the ASCO 2019 conference gave the company the ability to mingle with potential partners, analysts and big pocket investors.
So, it comes as no surprise to see that the stock is running for the top in the market today. As is normally the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (9:48), AVEO is trading at $0.66 per share after a gain of $0.047 per share or 7.57% thus far today.
Stop wasting your time! Start finding winning trades in minutes with Trade Ideas!
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 FOTIVDA to patients around the world. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks.
Never Miss The News Again
Do you want real-time, actionable news delivered to your inbox? Join the CNA Finance mailing list below!