Aravive price target raised to $36 from $15 at Piper Jaffray

Piper Jaffray analyst Edward Tenthoff raised his price target for Aravive to $36 from $15 after the company updated data from 31 platinum-resistant ovarian cancer patients receiving AVB-500 plus chemotherapy in an ongoing Phase Ib study. The stock in morning trading is up 72%, or $4.80, to $11.50. Seventeen of 31 patients achieved the minimal efficacious concentration of AVB-500, which significantly correlated to a four-fold increase in progression free survival, Tenthoff tells investors in a research note. High AVB-500 exposure also resulted in an overall response rate of 29% versus 14% for low exposure, adds the analyst. He points out the results exceed the historical three-to-four month median progress free survival and 10%-15% response in this population. Citing the "positive" Phase Ib data, Tenthoff reiterates an Overweight rating on Aravive.