Today's Research Reports on Stocks to Watch: Portola and AVEO
NEW YORK, NY / ACCESSWIRE / June 26, 2017 / Portola and AVEO Pharmaceuticals were huge winners on Friday, both hitting new highs on drug approval news. While Portola got a nod of approval from the FDA for its blood thinner BevyxXa, AVEO's shares soared after news revealed that its cancer drug tivozanib was recommended for European approval.
RDI Initiates Coverage on:
Portola Pharmaceuticals, Inc.
https://ub.rdinvesting.com/news/?ticker=PTLA
AVEO Pharmaceuticals, Inc.
https://ub.rdinvesting.com/news/?ticker=AVEO
Portola Pharmaceuticals, Inc.'s shares closed up 46.56% on Friday and hit a new high of $57.90 during intra-day trading. The big moves came after the FDA approved the company's new oral blood thinner BevyxXa. BevyxXa is intended to prevent deep vein thrombosis as well as pulmonary embolisms in patients who are not undergoing surgery and are acutely ill. According to the company, there are about 200,000 people in the U.S. with deep vein thrombosis annually. Out of these people, 40,000 cases end up dying of pulmonary embolism. At the new high on Friday, shares were up as much as 51%. Portola says there is no direct competition for the drug in the home setting and analysts are expecting sales to hit an impressive $1 billion by 2023. Traders were excited by the news as Portola was one of the most active stocks traded on the NASDAQ.
Access RDI's Portola Pharmaceuticals Research Report at:
https://ub.rdinvesting.com/news/?ticker=PTLA
AVEO Pharmaceuticals, Inc. was one of the biggest winners this past Friday, with shares closing up 71.75% on staggering volume. Nearly 55 million shares were traded compared to an average of around 2.6 million. The stock also hit a new high of $1.38 during intra-day trading. So why the big gains and all the trading activity? The company's cancer drug tivozanib was recommended for approval in Europe. Tivozanib is used to treat advanced renal cell carcinoma, the most common form of kidney cancer. It is currently being licensed in Europe by EUSA Pharma Inc. The drug is in an ongoing phase 3 trial right now in third-line renal carcinoma. Data will be available in the Q1 of 2018. CEO Michael Bailey commented that the approval in Europe would "add significant resources to our balance sheet as we work toward the anticipated readout." AVEO saw gains as high as 89% on Friday at its new high.
Access RDI's AVEO Pharmaceuticals Research Report at:
https://ub.rdinvesting.com/news/?ticker=AVEO
Our Actionable Research on Portola Pharmaceuticals, Inc. (NASDAQ: PTLA) and AVEO Pharmaceuticals, Inc. (NASDAQ: AVEO) can be downloaded free of charge at Research Driven Investing.
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