Healthcare Stock Soars on Cancer Treatment Update

The security had been previously trending lower

Laura McCandless

Deputy Editor

Nov 23, 2021 at 10:50 AM

APVO

The shares of Aptevo Therapeutics Inc (NASDAQ:APVO) are soaring today, up 35% to trade at $8.75 at last check, after the biotech concern announced that one high-risk cancer patient had a complete remission after being treated with its experimental drug, APVO436, combined with chemotherapy. The preliminary data is from an early-stage extension study in patients with acute myeloid leukemia.

APVO has been steadily dropping on the charts this month, after the stock was rejected by overhead pressure from the 100-day moving average, just above the $18 level. Fresh off its second-straight week of losses, todays' bull gap has Aptevo stock recovering a small portion of that monthly deficit. Year-to-date, the equity is still down 76.6%.

The two firms covering APVO carry a "buy" rating. Plus, the 12-month consensus price target of $36 is a whopping 316.7% premium to current levels.

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