Aravive (NASDAQ:ARAV) stock is plummeting on Thursday following the release of results from a Phase 3 clinical trial.
The bad news hitting ARAV stock today is that its Phase 3 AXLerate-OC trial did not meet its primary endpoint. This trial was testing the effectiveness of batiraxcept in treating platinum-resistant ovarian cancer. It didn’t show significant increased progression-free survival in patients taking the drug.
Gail McIntyre, Ph.D., DABT, president and CEO of Aravive, said the following about the study results.
“We are conducting additional analyses on the AXLerate-OC Phase 3 trial to further evaluate the results of this study and determine the best path forward with our two other planned indications in renal cell carcinoma and pancreatic cancer.”
What This Means For ARAV Stock
A failed clinical trial is nothing investors want to hear about. That’s especially true in this case as this is a Phase 3 study. That means Aravive has pumped a lot of time and money into a product that isn’t likely to return on that investment.
The news isn’t going over well with investors and they’re selling the stock today. That has more than 7 million shares of ARAV stock changing hands as of this writing. This is well above the company’s daily average trading volume of about 355,000 shares.
ARAV stock is down 57.6% as of Thursday morning.
Investors looking for more of the most recent stock market news are in the right place!
InvestorPlace offers up all of the hottest stock market coverage that traders need to know about on Thursday. A few examples of that include why shares of Traeger (NYSE:COOK) and Fangdd Network (NASDAQ:DUO) stock are up today, as well as the biggest pre-market stock movers this morning. You can find all of this news at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
