Aveo drops on delay for Phase III tivozanib readout

Aveo Pharmaceuticals Inc. (NASDAQ:AVEO) fell $0.69 (24%) to $2.16 on Tuesday after delaying for at least the second time an expected readout from a Phase III trial of tivozanib to treat advanced renal cell carcinoma (RCC). In an SEC filing late Monday, the company said it expects top-line data in 4Q18 from the U.S. Phase III TIVO-3 trial.

In November, the company said it expected top-line data in 1Q18; by May the company was guiding to 3Q18. In Monday's filing, Aveo said that progression-free survival (PFS) events in TIVO-3 were "occurring slower than forecasted."...