Here's Why AVEO Pharmaceuticals Fell as Much as 17% Today [The Motley Fool]
AVEO Pharmaceuticals, Inc. (AVEO)
Last aveo pharmaceuticals, inc. earnings: 3/16 04:05 pm
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Source: The Motley Fool
The company announced a delay concerning its top drug candidate. Maxx Chatsko ( TMFBlacknGold ) May 8, 2018 at 1:41PM What happened Shares of AVEO Pharmaceuticals ( NASDAQ:AVEO ) fell 17% today after the company announced first-quarter 2018 results and provided a business update. As a development stage biopharma company, there's wasn't much in the way of new financial details. However, the company did announce that it was delaying the expected readout of top-line data from the ongoing phase 3 trial of its lead drug candidate from the second quarter of 2018 to the third quarter of 2018. While AVEO Pharmaceuticals is working with its contract research organization to compress the timeline for analyzing data, Mr. Market knows time is of the essence. After ending the first quarter with $27 million in cash and a burn rate of approximately $8.5 million
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