Aptevo Therapeutics price target lowered to $8 from $15 at Roth MKM

Roth MKM lowered the firm’s price target on Aptevo Therapeutics to $8 from $15 and keeps a Buy rating on the shares. At the recent ESMO conference, the company presented positive interim Phase 1 dose escalation results for ALG.APV-527 in patients with solid tumors that are likely to express the tumor antigen 5T4, and the drug demonstrated positive safety and tolerability across all cohorts while a maximum tolerated dose has not yet been identified, the analyst tells investors in a research note. The firm is reducing its price target however to reflect share dilution, with the increase in share count of more than 9 million shares.