On November 4th, AVEO Oncology (AVEO) announced that the FDA "recommended that the Company not submit an NDA at this time" due to FOTIVDA's August interim overall survival "OS" results not alleviating their concerns and "that those results may worsen with final analysis at 263 events, and that the median OS for tivozanib is worse than that of sorafenib." Following the press release, the market hammered AVEO down around 40%-50% to ~$0.50 a share.
Figure 1: AVEO Hourly Chart (Source: Trendspider)
It appears the market has punished AVEO for another FOTIVDA