Aptevo Therapeutics Inc (NASDAQ:APVO) Stock Sees Bullish Action At Lower Level

Investors are almost certainly looking into those stocks which managed to deliver significant gains on Tuesday and in that situation, it is highly unlikely that they are going to miss out on noticing the gains clocked by the Aptevo Therapeutics Inc (NASDAQ:APVO) stock.

Market Stats

On Tuesday, APVO stock soared 162.81% at $17.03 with more than 161.27 million shares, compared to its average volume of 90k shares. The stock has moved within a range of $8.36 – 22.08 after opening trading at $9.51.

Major Clinical Update

Yesterday, the company was in the news after it provided a clinical update with regards to the Phase 1B expansion trial for its product APVO 436. In the particular trial, the company is looking into the possibility of treating acute myeloid leukemia with APVO 036. In this context, the company also noted that the preliminary data from the trial has shown that there has been one total remission.

That was a major announcement and may have resulted in the flurry of activity in the Aptevo stock on Tuesday. As investors piled on to the stock in a big way on Tuesday, it ended the day with gains of as much as 162%.

The enormous gains made by the Aptevo stock is a testament to the optimism among investors about the APVO 036 product. It is now going to be interesting to see if the Aptevo stock continues to rally or corrects on the back of profit booking.

Traders Corner

APVO stock is trading above the 20-Day and 50-Day Moving averages of $12.28 and $14.53 respectively. However, the stock is trading below the 200-Day moving average of $22.40. The stock is up 20% in the past month.