By Chris Wack
Aptevo Therapeutics Inc. shares were down 28% to $12.31 Wednesday, one day after rallying following news from the company that a patient in a Phase 1b study of its lead proprietary drug candidate APVO436 in acute myeloid leukemia had a complete remission.
Volume for the stock was 5.2 million shares at 10:15 a.m. ET, compared with a 65-day average volume of 2.6 million. The stock hit its 52-week low of $6.38 on Monday and closed Tuesday's session up 163%.
The company said one high-risk patient achieved a complete remission after one cycle of therapy, without evidence of overt toxicity.
Aptevo said the goal of the multi-center, multi-cohort study is to determine if APVO436 treatments can improve the quality of remission in high-risk patients by reducing the residual chemotherapy-resistant measurable residual disease burden.
Write to Chris Wack at chris.wack@wsj.com