Aptevo Therapeutics Inc. (APVO) stock declined after a massive early surge on Tuesday, here is Why?

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ORC Stock
ORC Stock

Aptevo Therapeutics Inc. (APVO) shares declined 18.73% in after-hours on Tuesday, November 23, 2021, and closed the daily trading at $13.84. However, in the regular trading session, APVO’s stock gained 162.81%. APVO shares have fallen 62.61% over the last 12 months, and they have moved up 77.77% in the past week. Over the past three months, the stock has lost 2.63%, while over the past six months, it has sunk 32.69%.

Let’s see is there any reason behind its massive surge?


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APVO update about APVO436 trial

On November 23, 2021, Aptevo Therapeutics Inc. (APVO), announced a clinical update for the Company’s Phase 1b Expansion trial evaluating APVO436 in the treatment of acute myeloid leukemia (AML).

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A high-risk AML patient achieved complete remission after getting treatment in Cohort 1 with a combination of chemotherapy plus APVO436. The patient tolerated treatment without evidence of overt toxicity.

APVO participation in the upcoming event

Aptevo Therapeutics Inc. (APVO) will present two abstracts at the 63rd American Society of Hematology (ASH) Annual Meeting and Exposition, which will be held virtually and in-person in Atlanta, Ga. On December 11-14, 2021.

APVO latest financial results

On November 12, 2021, Aptevo Therapeutics Inc. (APVO), released its financial results for the quarter ended September 30, 2021.

Q3 2021 financial highlights

  • APVO Royalty revenue was $3.1 million in Q3 2021 compared to$1.5 million in Q3 2020.
  • Research and development expenses were $4.4 million in Q3 2021 compared to $4.5 million in Q3 2020.
  • Aptevo suffered a net loss of $7.0 million or $1.43 per share in Q3 2021, as compared to a net loss of $6.8 million or $2.10 per share in Q3 2020.
  • As of September 30, 2021, the company had cash and cash equivalents of $53.4 million.

APVO participation in the recent conference

On November 11, 2021, Alligator Bioscience AB and Aptevo Therapeutics (APVO) presented preclinical data on ALG.APV-527, in a poster form at the Society of Immunotherapy Cancer’s (SITC) 36th Annual Meeting, which took place virtually and in-person on November 12- 14, 2021 in Washington D.C.

ALG.APV-527 is a potentially first-in-class bispecific targeting both 4-1BB and tumour antigen 5T4. The poster presentation highlighted preclinical datasets as an overview of the potential indication landscape, mechanism of action, and efficacy profile of ALG.APV-527, which supports the molecule’s progression into the clinic.

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Conclusion

The recent impressive update about the APVO436 trial was the reason behind its massive gains in regular trading on Tuesday. The company wouldn’t mind a minor decline in the after-hours after huge gains.

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