Important Week Ahead for the Aveo Oncology Stock: +/- 400% on Friday?
This week is of critical importance for Aveo Oncology. The American company will present the final overall survival analysis from its pivotal phase 3 TIVO-3 trial of its drug candidate Tivozanib (FOTIVDA) in 3rd and 4th line renal cell carcinoma (RCC). The data will be presented at the upcoming American Society of Clinical Oncology (ASCO) 2020 Virtual Scientific meeting on Friday, May 29.
In November 2018, AVEO Oncology announced that the phase 3 trial TIVO-3 met its primary endpoint, a significant improvement in progression free survival (PFS) in patients with 3rd and 4th line renal cell carcinoma. In addition, the study also demonstrated a significant improvement in the secondary endpoint of overall response rate. However, the FDA was not convinced by the results of two different interim analyses of the study’s secondary endpoint of overall survival (OS) and was concerned that the OS results might way worsen until the final analysis.
This final OS analysis of TIVO-3 will now be presented by Aveo Oncology on Friday, May 29. These results will be absolutely critical for Aveo Oncology as they will decide whether the company has an opportunity to market its lead drug candidate Tivozanib (FOTIVDA) in the United States. In the case of a positive data readout, Aveo could become one of the hottest buyout candidates in biotech industry.
It’s clear that Aveo’s share price will react massively on Friday. Whether positive or negative is extremely difficult to predict. The stock has already gained more than 360% since its low mid of March. Highly speculative!
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