Aveo Pharma up 40% after business update

AVEO Pharmaceuticals (AVEO +40.2%), fresh off a volatility halt, is up on a 15x surge in volume after its business update today. Key points:

Final survival data from its Phase 3 study, TIVO-3, of tivozanib in third- and fourth-line renal cell carcinoma (RCC) will be presented at the ASCO Virtual Scientific Program in late May/early June. [In December 2019, The Lancet Oncology published data from the study that showed a greater overall survival (OS) benefit for Bayer’s Nexavar (sorafenib)].

Last month it filed a U.S. marketing application for tivozanib for relapsed/refractory RCC. Per an agreement with the FDA, it will withdraw the application if the OS hazard ratio is greater than 1.00.

On the capital front, it says it had ~$33.6M in quick assets at the end of March, enough, along with payments from cost-sharing obligations and Fotivda royalties, to fund operations into Q2 2021.

Baird is one of the company’s bulls. It recently added it as a Fresh Pick and reiterated its Outperform rating and $15 (103% upside) price target.

https://seekingalpha.com/news/3567033-aveo-pharma-up-40-after-business-update