Aptevo Therapeutics Inc (NASDAQ:APVO)
Shares of biotechnology company Aptevo Therapeutics Inc (NASDAQ:APVO) gained over 7% on Friday, one day after establishing a new 52-weekly low of $1.68. One year ago, in July of 2016, APVO shares traded above $8 but within six months had slid below $3 and began moving in a year-long trading range between $1.70 and $3.
Shares jumped on the news that Aptevo Therapeutics Inc (NASDAQ:APVO), based in Seattle, WA, and Alligator Bioscience (Nasdaq Stockholm: ATORX), a biotechnology company developing antibody-based pharmaceuticals for tumor-directed immunotherapy, announced that they have entered into an agreement to co-develop an immunotherapy bispecific antibody candidate. The new drug candidate was developed using Aptevo’s technology platform and includes proprietary binding elements generated by Alligator’s ALLIGATOR-GOLD® antibody library. Initiation of cell line development for the manufacturing of clinical material is expected to begin shortly. Under the terms of the agreement, the parties will jointly own and share equally in the development costs associated with advancing this candidate through to the end of Phase 2 clinical development.
Per Norlén, Chief Executive Officer of Alligator Bioscience, said in the press release “Our technology platform enables the generation of highly functional antibodies with optimal stability and manufacturing properties, merged into an exceptional bispecific antibody using Aptevo´s ADAPTIR platform. We look forward to advancing our collaboration with Aptevo on this promising new therapeutic approach.”
Shareholders likely welcomed the news despite the poor historical performance of APVO shares. YTD APVO shares have lost over 25%, and are down over 77% for the year. Losses have expanded since 2012 when the per share loss was posted at (-$2.21). By 2016 the per share loss was $5.55. However, it should be noted that 2016 sales of $36.4 million was an improvement over 2015’s figure of $33.6 million. The lone analyst that covers APVO shares rates them a “Strong Buy”.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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About the author: Steve Clark is a 23-year Wall St professional with stints in M&A, risk management, and algorithm trading. Steve keeps his head in the game by looking for, and writing about, small companies that often get overlooked by the big investment firms