Cantor cuts Aravive to neutral as biotech struggles to stay in business

seekingalpha2023-08-23

Cantor Fitzgerald has cut its rating of Aravive (NASDAQ:ARAV) to neutral following news that the biotech may cease operations within the next several weeks if it is unable to raise more capital or ...

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Aravive disclosed the news as part of its Q2 earnings report on Monday, adding that it was terminating Phase 1/2 testing for its lead drug batiraxcept for clear cell renal cell carcinoma and pancreatic adenocarcinoma unless it raises more cash.  Cannaccord also slashed its price target for the stock to $0.25 from $18.  According to the company’s 10-Q filing, Aravive had $18.4M in cash and equivalents as of June 30. Shares of Aravive plunged in early August after the company said a Phase 3 study for batiraxcept in the treatment of platinum-resistant ovarian cancer failed to meet its primary endpoint. More on Aravive  Aravive sinks amid downgrades after Phase 3 setback for lead asset Aravive stock pops on FDA orphan drug status for batiraxcept to treat pancreatic cancer Aravive gai","collect":0,"end_time":0,"defaultTopTitle":"seekingalpha.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4139":"生物科技","ARAV":"Aravive, Inc."},"translate_title":"康托尔将Aravive削减至中立，因为生物技术难以继续经营","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ARAV":1},"content_text":"Cantor Fitzgerald has cut its rating of Aravive (NASDAQ:ARAV) to neutral following news that the biotech may cease operations within the next several weeks if it is unable to raise more capital or find a strategic partner. Aravive disclosed the news as part of its Q2 earnings report on Monday, adding that it was terminating Phase 1/2 testing for its lead drug batiraxcept for clear cell renal cell carcinoma and pancreatic adenocarcinoma unless it raises more cash.  Cannaccord also slashed its price target for the stock to $0.25 from $18.  According to the company’s 10-Q filing, Aravive had $18.4M in cash and equivalents as of June 30. Shares of Aravive plunged in early August after the company said a Phase 3 study for batiraxcept in the treatment of platinum-resistant ovarian cancer failed to meet its primary endpoint. More on Aravive  Aravive sinks amid downgrades after Phase 3 setback for lead asset Aravive stock pops on FDA orphan drug status for batiraxcept to treat pancreatic cancer Aravive gains on FDA Fast Track status for lead program Aravive to raise $41.5M in direct stock offering Seeking Alpha’s Quant Rating on Aravive Earnings data for Aravive","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.4","shortVersion":"4.29.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2361961856"}