SEATTLE WA AND LUND, SWEDEN - Aptevo Therapeutics (NASDAQ:APVO) and Alligator Bioscience AB (ATORX) have announced upcoming interim data from their Phase 1 trial of ALG.APV-527, a bispecific antibody for cancer treatment. The data, indicating favorable safety and biological activity, will be shared at the Society for Immunotherapy of Cancer (SITC) 2024 conference on November 8, 2024.
The ongoing trial is evaluating ALG.APV-527 in patients with advanced solid tumors. The drug is designed to stimulate immune cells for tumor control by targeting 4-1BB, a protein that can enhance the immune response against cancer, and 5T4, an antigen overexpressed in several solid tumor types.
The Phase 1 study is an open-label dose-escalation trial, employing a 3+3 design to determine the drug's safety, tolerability, and preliminary efficacy. Patients receive the treatment intravenously every two weeks, with the possibility of increasing the dose levels based on patient response and tolerance.
ALG.APV-527's potential stems from its conditional activation, which occurs only upon binding to both 4-1BB and 5T4. This specificity could limit side effects typically associated with immune stimulation. The drug is being studied across multiple solid tumor types likely to express the 5T4 antigen, including non-small-cell lung carcinoma, breast, and colorectal cancer.
Aptevo Therapeutics is a clinical-stage biotechnology company focused on developing novel immunotherapies for cancer, while Alligator Bioscience is developing antibody drugs for tumor-directed immuno-oncology. The collaboration highlights the companies' commitment to advancing cancer treatments.
The presentation at SITC will provide a closer look at the interim findings, with details including the poster number, title, and session times. This announcement is based on a press release statement from the companies involved.
In other recent news, Aptevo Therapeutics received shareholder approval for significant corporate actions, including the issuance of a substantial number of Common Stock shares and a potential reverse stock split. The company also secured $2.3 million in a direct offering, with terms set for a $4.6 million public offering. In collaboration with Alligator Bioscience, Aptevo reported positive interim results from their Phase 1 clinical trial for ALG.APV-527, a bispecific antibody targeting solid tumors. Roth/MKM adjusted Aptevo's stock price target to $8.00, maintaining a Buy rating. These recent developments reflect Aptevo's strategic plans and potential changes in its financial and operational framework.
InvestingPro Insights
As Aptevo Therapeutics (NASDAQ:APVO) prepares to present interim data from its Phase 1 trial of ALG.APV-527, investors should be aware of some key financial metrics and trends highlighted by InvestingPro.
Despite the promising clinical developments, APVO's stock has faced significant challenges. InvestingPro data shows that the company's market capitalization has dwindled to just $3.19 million, reflecting a staggering 98.26% price decline over the past year. This steep drop underscores the volatile nature of biotech stocks, especially those in early clinical stages.
InvestingPro Tips reveal that Aptevo holds more cash than debt on its balance sheet, which could be crucial for funding ongoing clinical trials and operations. However, the company is not profitable over the last twelve months, with a negative gross profit of $16.98 million and an adjusted operating income of -$25.95 million for the same period.
Interestingly, while the stock has seen a strong return over the last month with a 32.52% price increase, it remains significantly below its 52-week high, currently trading at just 1.75% of that peak. This recent uptick could be related to anticipation of the upcoming data presentation at SITC.
For investors considering APVO, it's worth noting that analysts do not anticipate the company to be profitable this year, which is common for early-stage biotech firms focused on research and development. The company's Price to Book ratio of 0.72 suggests that the stock may be undervalued relative to its assets, but this should be weighed against the company's negative earnings and cash flow.
InvestingPro offers 12 additional tips for APVO, providing a more comprehensive analysis for those interested in delving deeper into the company's financial health and market position.
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