BTIG analyst Justin Zelin downgraded Aravive to Neutral from Buy after the company announced that its Phase 3 AXLerate-OC trial did not meet primary endpoint. The miss was driven by an outperformance of paclitaxel control arm at 5.5 months vs. 5.1 months for the batiraxcept plus paclitaxel treatment group, and the management has stated that it was surprised by the magnitude of the outperformance, the analyst tells investors in a research note. The company is now exploring strategic options and next steps for the batiraxcept program, BTIG adds, stating that it is removing PROC from its model.
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