Aravive Inc. (ARAV) PT Raised to $31 at H.C. Wainwright
H.C. Wainwright analyst Joseph Pantginis raised the price target on Aravive Inc. (NASDAQ: ARAV) to $31.00 (from $18.00) while maintaining a Buy rating.
The analyst commented, "This morning, Aravive announced new positive data from the ongoing Phase 1b portion of the Phase 1b/2 clinical trial of AVB-500 in platinum-resistant recurrent ovarian cancer patients. The results from 31 patients treated with 10mg/kg dose of AVB-500 (lowest dose) in combination with pegylated liposomal doxorubicin (PLD) or with paclitaxel (PAC) support and extend the prior observation of efficacy in 28 patients. Importantly the new data show that in patients reaching the minimal efficacious concentration the drug (MEC) demonstrated: (1) a four-fold increase in median PFS (mPFS) when compared to those patients with low exposure (8.1 vs. 1.8 months; p=0.0016); (2) approximately two-fold improvement in overall response rate (ORR; 29% vs. 14%), including one complete response (CR to be confirmed upon next scan); (3) improvements in median duration of response (mDOR 7.6 vs 3.9 months) and clinical benefit rate (82% vs. 43%), with 3.2 fold reduction of chance of progressing (from 57% to 18%); (4) high serum drug levels of AVB-500 were strongly predictive of anti-tumor activity with statistically significant correlation to progression-free survival (p=0.0066)."