H.C. Wainwright Downgrades Aravive Inc. (ARAV) to Neutral, 'company in a precarious position'

H.C. Wainwright analyst Joseph Pantginis downgraded Aravive Inc. (NASDAQ: ARAV) from Buy to Neutral.

The analyst comments "The PROC result came as a surprise to us and the negative pivotal result puts the company in a precarious position, in our belief. First, while the indications under development for batiraxecpt are independent, we believe the perceived risk for the renal cell and pancreatic programs has increased significantly. Importantly, the overall risk of the overall investment thesis rests on the company's imminent financial needs with unaudited 2Q23 cash of approximately $18 million, which management guides runway into early 4Q23. This current risk profile pushes us to the sidelines on the thesis, pending, in part, visibility on: (1) the path forward for batiraxept; and (2) significant financial needs of the company."

For an analyst ratings summary and ratings history on Aravive Inc. click here. For more ratings news on Aravive Inc. click here.

Shares of Aravive Inc. closed at $1.28 yesterday.

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