Shares of biopharmaceutical company Aravive (NASDAQ:ARAV) are down a massive 71% at the time of writing today after a Phase 3 trial (AXLerate-OC) evaluating the safety and efficacy of its product candidate batiraxcept in ovarian cancer did not achieve the primary endpoint of progression-free survival.
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While no difference was observed in the two arms of the study’s overall population, Aravive plans to continue to study the data and arrive at the next steps for batiraxcept’s development in two other indications in pancreatic cancer and renal cell carcinoma.
With today’s mega price erosion, Aravive shares have now tanked nearly 75% over the past five sessions. At the same time, short interest in the stock is now hovering at nearly 36%. After this clinical setback, EF Hutton’s Anthony Butler has lowered the rating on Aravive to a Hold from a Buy alongside a $1 price target.
Overall, the Street has a $9.50 consensus price target on Aravive alongside a Hold consensus rating.
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