Aptevo stock is trading in its highest range since Oct. 2018 as the biotech firm updates on completeremission of APVO436 while Tang discloses its stake in the company.
The clinical-stage biotech firm, Aptevo Therapeutics Inc. (APVO) shares are on a roll from the start of this month and currently trading at its highest price range since Oct. 2018.
Entering into November 2020, the stock market seems to ease the burden of pandemic and with the news of virus vaccine on the line, stocks are eyeing for a bullish run.
On Monday, APVO stock surged up to 38.14% to $32.74 at the close, followed by the announcement of secondcompleteremission in the ongoing APVO436 Phase 1 clinicaltrial. Last week, the company updated that APVO436 completed the first remission in Cohort 6 and this week it has completed the second.
In precedent to this event, a few days back, Tang Capital Partners, LP disclosed a 54.40% in Aptevo reported in a new 13D regulatory filing.The company has potentially expended an aggregate of $28.1 million to purchase 1,760,000 shares of Aptevo’s Common Stock.
In a statement in 13D filing, it was mentioned:
“The Common Stock was acquired in the ordinary course of business. Subject to the following paragraph, Tang Capital Partners, LP used its own funds for the purchases, none of which were borrowed or otherwise obtained from any other source.”
The objective of Tang’s acquisition in the biotech firm’s shares is for investment purposes and for the ordinary course of the Reporting Persons’ businesses. With the purchase of 1,760,000 shares of Aptevo, Tang Capital’s general partner, Tang Capital Management, LLC, may be deemed to beneficially own the shares. Kevin Tang being the manager of Tang Capital Managementbeneficially owns the voting and dispositive power over such shares with both Tang Capital Partners, LP and Tang Capital Management, LLC.
This investment will fund the company and support its ongoing APVO436 Phase 1 clinical trial that is being tested for the treatment of two of the major cancer diseases including myelodysplastic syndrome (MDS) and acute myeloid leukemia (AML).
On Nov. 6, Apveto obtained the preliminary data regarding cohort 6, which showed complete remission in a second patient, followed by the earlier announced remission in the first patient.
Aptevo Therapeutics Inc. (APVO) is set to present a pre-recorded presentation on the APVO603 programduring Session 208 on Nov. 12, 2020, at 4 P.M. EDT. The representatives from the company will be there after the presentation for a live Q&A session.