Why is Aptevo Therapeutics Inc. (APVO) stock soaring today?

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Aptevo Therapeutics Inc. (APVO) stock reported first complete remission after which it became bullish in the intraday session today. APVO stock price saw an uptrend of 50.15% to reach $9.73 a share at the time of this writing. The trading volume was 32,428,886 on the last check, far higher than the average trading volume. Let’s deep dive to explore more of it.

What’s Happening?

Aptevo stock today announced the clinical update of its Phase 1b Expansion trial. In this trial, APVO stock is evaluating APVO436 against acute myeloid leukemia. In cohort 1, a high-risk AML patient got treatment with a combination of chemotherapy plus APVO436. After one cycle of therapy, the patient achieved complete remission. The chemotherapy regimen includes leukemia drugs Etoposide, Mitoxantrone, and Cytarabine. The treatment was well tolerated as no adverse event or toxicity is observed.

The main objective of the Phase 1b expansion phase study is to evaluate APVO436 for improving the quality of emission in high-risk AML patients. This can be only achieved if APVO436 reduces the residual chemotherapy-resistant measurable residual disease (MRD) burden. APVO stock firmly believes that APVO436 is the potential drug to reduce the risk of leukemic relapses in patients.

Financial View of APVO stock:

In the third quarter of 2021, APVO stock reported $3.1 million in royalty revenue. The net loss of the APVO stock in the recently reported quarter was $7.0 million or $1.43 per share. This compares to a net loss of $6.8 million or $2.10 per share in the same period of the previous year. APVO stock spent $4.4 million in research and development expenses in the third quarter of 2021. This represents a decline of $0.1 million from the same period of the previous year. General and administrative expenses jumped from $3.2 million in Q3,2020 to $3.5 million in Q3,2021. Income from discontinued operations of the APVO stock was nearly $0.1 million in the reported quarter. By the end of the third quarter, Aptevo stock had $53.4 million in cash and cash equivalents.

Conclusion:

Investors are responding positively to the recent announcement by the Aptevo stock in the stock market. The investors are happy to see Phase 1b Expansion trial results and optimistic that this stock will perform well in the future.

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