Aptevo Therapeutics (APVO) stock rocketed higher on Tuesday after the biotechnology company released results from its Phase 1b/2 RAINIER trial of mipletamig. Mipletamig is the company’s first-in-class CD123 x CD3 bispecific antibody designed to treat patients with acute myeloid leukemia (AML). The clinical trial focused on its use in patients who were unfit for intensive chemotherapy, and it was combined with venetoclax and azacitidine.
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The big news from this study is that mipletamig achieved a 100% remission rate at the highest dose level. Forty percent of patients in the study achieved minimal residual disease (MRD)-negative status, which is a critical marker of remission. This came alongside strong tolerability and no dose-limiting toxicities.
Marvin White, President and CEO of Aptevo Therapeutics, said, “Delivering a 100% remission rate reinforces our conviction that mipletamig is more than an active agent-it’s a differentiated medicine designed to integrate with the venetoclax and azacitidine backbone and elevate outcomes for patients who have had too few options for too long.”
Aptevo Therapeutics Stock Movement Today
Aptevo Therapeutics stock was up 51.39% in pre-market trading on Tuesday, following a 2.04% drop yesterday. The shares have fallen 98.33% year-to-date and 99.05% over the past 12 months. Today’s news brought heavy trading of APVO stock, as some 34 million shares changed hands, compared to a three-month daily average of about 165,000 units.
Is Aptevo Therapeutics Stock a Buy, Sell, or Hold?
Turning to Wall Street, analysts’ coverage of Aptevo Therapeutics is lacking. Fortunately, TipRanks’ AI analyst Spark has it covered. Spark rates APVO stock an Underperform (38) with no price target. It cites a “challenging financial performance, marked by declining revenues, high leverage, and negative cash flows” as reasons for this stance.
