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Tuesday, December 1, 2020

AVEO Pharmaceuticals’ (NASDAQ:AVEO) Stock Pulls Back On Negative News

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AVEO Pharmaceuticals, Inc. (NASDAQ:AVEO) investors were cold to the news of Fotivda’s authorization in the European Union market hanging in the balance. The news caused the company’s stock to shed a whopping 28% to $0.98 in Thursday’s opening trade, extending its previous session fall of 17%.

FOTIVDA’s Fate Uncertain

FOTIVDA was granted the marketing authorization in the 28 EU countries by the European Commission to EUSA Pharma (UK) in august 2017. The drug was licensed for the first-line treatment of advanced or metastatic renal cell carcinoma (RCC) in adult patients together with those that are vascular endothelial growth factor receptor and mTOR pathway inhibitor-naïve.

However, according to the Report, the company failed to provide satisfactory phase 3 TIVO- 3 data to the Committee for Medicinal Products for Human Use (CHMP) to back the approval. CHMP determined that, “the analyses of various factors that may have impacted the preliminary OS data do not fully explain the discordance, and that more mature OS data is required prior to drawing a conclusion. Similar to the FDA, the CHMP accepted the proposal to conduct an additional interim OS analysis in August 2019.”

Acquisition Rumors Spark AVEO stock 70% Gain

The committee has even threatened to take regulatory action if the August 2019 interim OS analysis fails to impress as well. This news threatens to pull back the company’s stock below the $1 mark it struggled to breakout until recently when acquisition rumors caused the stock to gain 70% in the past week.

According to the rumor posted on seeking Alpha blog by hedge fund manager BlueLion, several US investment banks believe that AstraZeneca is looking to acquire AVEO for a record price of $800 million to $1.2 billion. It is important to note that these claims are unsubstantiated and the blog post has since been pulled down.

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