AVEO Pharmaceuticals, Inc. (AVEO)

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Why AVEO Oncology Jumped Higher Today

Excerpt:

No matter what the reason for the volatility, long-term investors should be focused on AVEO's Fotivda, a drug to treat renal cell carcinoma -- a form of kidney cancer -- which was launched in the European Union in November by partner EUSA Pharma.

For the U.S. approval of Fotivda, the next big event will come from a readout of the TIVO-3 trial expected sometime this quarter. TIVO-3 is comparing Fotivda to Bayer's Nexavar in patients with refractory advanced renal cell carcinoma. AVEO plans to combine the data from TIVO-3 with results from TIVO-1 in patients with previously untreated renal cell carcinoma to gain approval as both a first- and third-line treatment for advanced renal cell carcinoma.

In October, the company told investors to expect the TIVO-3 results in the first quarter, but the estimate got pushed back to the second quarter, suggesting that patients are progressing slower than previously expected. While that could be good news, keep in mind the time frame is based on the progression of both treatment groups. It's possible that patients treated with Nexavar are the ones progressing slower than anticipated, which would make it harder to show that Fotivda is working.

Fortunately, investors won't have to wait too long to find out.

https://www.fool.com/investing/2018/04/09/why-aveo-oncology-jumped-higher-today.aspx