AVEO stock is gaining momentum this morning after AVEO Pharmaceuticals, Inc. (NASDAQ:AVEO) reported results from the second prespecified analysis of overall survival in the TIVO-3 trial.
Boost for Investors
Over the course of the past few months, there has been a lot of anticipation with regards to the second prespecified analysis trial of Aveo Oncology and its medicine TIVO-3. Today, the company released the data, and the results proved to be highly encouraging for the company.
The tests in question were performed on as many as 350 patients suffering from highly refractory metastatic renal cell carcinoma (RCC) and were meant to compare the effect of sorafenib against tivozanib. An OS Hazard test was also performed in order to check the veracity of the results. Twenty patients who had been administered with tivozanib have experienced no progression in their condition, while those who had been administered with sorafenib numbered only two.
It goes without saying that it is a significant development for AVEO Pharmaceuticals and its stock and one that could see the company reaching new heights in the years to come.
The publication of the results from the study caused a lot of enthusiasm among investors, and AVEO stock soared in early trading on Tuesday. It soared by as much as 40% at $0.99 and looks like one of the stocks that should be watched closely over the coming weeks.
The company published a press release, and its President and Chief Executive Officer Michael Bailey spoke about the developments. He said, “On behalf of the entire AVEO team, we once again offer our sincerest thanks to the patients, caregivers, and investigators for participating in this study. AVEO remains committed to improving outcomes for patients with RCC.”
The company is now going to go into discussions with the United States Food and Drug Administration with regards to its progression from here. It is believed that AVEO Pharmaceuticals is going to present the FDA with the updated results of the OS Hazard tests and seek clarity on the possibility of using tivozanib for the treatment of RCC.
Despite today’s big jump, AVEO stock is still down 40% so far in 2019.
Featured image: DepositPhotos © avemario