Sorry for the late response. I'm in China right now. Posted this on the BIO STOCKS thread last week. I'm still comfortable with holding long. What's driven the price down so much was the delay into the 3Q (as of now) for the P3 results due to not enough PFS events to trigger the data.
https://marketexclusive.com/just-happened-aveo-pharmaceuticals/2018/05/
The ER was basically as expected and it got oversold by people that latched on in the hopes of a quick payday. There has been a lot of inside buying lately too. They've taken advantage of the price drops.
https://marketexclusive.com/just-happened-aveo-pharmaceuticals/2018/05/
Quote:
That the data is delayed is a bit disappointing, of course, and it is going to have cash flow implications for the company near term. On the other hand, however, that PFS events have not been reached suggests potentially that the drug is working and, in turn, that it might be worth using the current date to pick up an exposure to the program at a discount in anticipation of positive results hitting press as and when the numbers come in during the third quarter of this year.
The ER was basically as expected and it got oversold by people that latched on in the hopes of a quick payday. There has been a lot of inside buying lately too. They've taken advantage of the price drops.