Aptevo Therapeutics (NASDAQ:APVO) Issues Quarterly Earnings Results, Beats Expectations By $0.70 EPS

Aptevo Therapeutics (NASDAQ:APVO) posted its quarterly earnings results on Friday. The biotechnology company reported ($5.31) EPS for the quarter, topping analysts’ consensus estimates of ($6.01) by $0.70, FiscalAI reports.

Aptevo Therapeutics Stock Down 13.5%

APVO traded down $0.46 during trading on Friday, reaching $2.94. The company had a trading volume of 79,027 shares, compared to its average volume of 96,711. The stock has a market cap of $4.47 million, a P/E ratio of -0.01 and a beta of 1.65. The business has a 50 day simple moving average of $4.40 and a 200-day simple moving average of $5.11. Aptevo Therapeutics has a 52 week low of $2.84 and a 52 week high of $48.78.

Hedge Funds Weigh In On Aptevo Therapeutics

An institutional investor recently bought a new position in Aptevo Therapeutics stock. Virtu Financial LLC acquired a new position in shares of Aptevo Therapeutics Inc. (NASDAQ:APVO) in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund acquired 38,282 shares of the biotechnology company’s stock, valued at approximately $56,000. Virtu Financial LLC owned approximately 1.16% of Aptevo Therapeutics as of its most recent SEC filing. 8.06% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Weiss Ratings upgraded shares of Aptevo Therapeutics from a “sell (e)” rating to a “sell (e+)” rating in a research report on Wednesday, July 29th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold”.

About Aptevo Therapeutics

Aptevo Therapeutics, Inc is a clinical-stage biopharmaceutical company headquartered in Seattle, Washington, focused on the discovery and development of novel immunotherapies for oncology and autoimmune diseases. Founded in 2012 as a spin-off from Emergent BioSolutions, the company builds on expertise in protein engineering and translational research to create targeted biologics that engage the body’s immune system.

The company’s core technologies include the ADAPTIR platform, which enables the design of bispecific and multispecific protein scaffolds with customizable binding domains, and the KNOCKOUT platform, which incorporates non-natural amino acids to enhance therapeutic properties such as stability and half-life.