Aravive downgraded to Neutral from Buy at H.C. Wainwright

H.C. Wainwright analyst Joseph Pantginis downgraded Aravive to Neutral from Buy without a price target after the company announced that the registration-directed Phase 3 trial of the company’s GAS6-AXL pathway inhibitor, batiraxcept, in combination with chemotherapy for platinum-resistant ovarian cancer did not meet its primary endpoint of progression-free survival. The analyst believes the perceived risk for the company’s renal cell and pancreatic programs has increased significantly.