Aravive downgraded to Market Perform from Outperform at William Blair

William Blair analyst Andy Hsieh downgraded Aravive to Market Perform from Outperform after the Phase 3 trial of the company’s GAS6-AXL pathway inhibitor, batiraxcept, in combination with chemotherapy for platinum-resistant ovarian cancer did not meet its primary endpoint of progression-free survival. The analyst cites a lack of near-term clinical catalysts that could materially reshape investors’ perspective on batiraxcept and the company’s limited cash runway for the downgrade.