Aptevo Therapeutics (NASDAQ:APVO) news for Wednesday includes APVO stock taking a fall after a strong rally yesterday.
The Aptevo Therapeutics news from yesterday behind the increase in the stock had to do with results from a Phase 1 clinical trial. The company says that it saw positive remissions results from its APVO436 treatment.
APVO436 is a treatment designed to treat acute myeloid leukemia (AML) and myelodysplastic syndrome (MDS). The early results of the Phase 1 trial saw it reduce bone marrow blasts to 6% in one patient with the first treatment. It then dropped down to 0%, or complete remission, with a second treatment.
Marvin White, president and CEO of Aptevo Therapeutics, said this about the results.
“We are greatly encouraged by the complete remission in the patient in cohort 6, which is a wonderful outcome for them. We are now in a critical phase of the study, as pharmacokinetic modelling suggests that dosing in cohorts 5 through 8 is in a therapeutic range, which could result in potential clinical activity of the drug.”
The news of complete remission from Aptevo Therapeutics sent its stock flying higher on Tuesday. When the day closed out, the stock was up 78.3%. However, just one day after the jump shares are starting to fall.
So what exactly is behind this change? It likely has to do with short-sellers taking advantage of the higher stock price to cash out their investments. APVO stock is seeing high trading today with over 2 million shares moved by the time of this writing. Its average daily trading is typically around 514,000 shares.
APVO stock was down 15.3% as of Wednesday afternoon.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.