EF Hutton analyst Tony Butler downgraded Aravive to Hold from Buy with a price target of $1, down from $10, after the Phase 3 trial of batiraxcept in combination with paclitaxel to treat platinum-resistant ovarian cancer did not meet the primary endpoint of progression-free survival. The firm says its net present values on ovarian cancer for batiraxcept are now eliminated and that the company’s current cash is insufficient at this time to support funding for an additional trial.
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