Aptevo price target adjusted to $10.50 from $4.75 at Alliance Global Partners

Alliance Global Partners analyst James Molloy adjusted the firm’s price target on Aptevo Therapeutics to $10.50 from $4.75 following the company’s 1 for 44 reverse split and keeps a Buy rating on the shares. Aptevo recently announced their full year 2023 results with the main focus on the changes in the clinical development plans for their lead APVO436 product candidate, which is formulated to target acute myeloid leukemia, or AML, the analyst noted. The firm’s sum-of-the-parts valuation attributes $6 per share in value for APVO436 for AML, ALG.APV-527 for solid tumors at $2.75 per share, and preclinical candidates and cash at $1.75 per share to arrive at its $10.50 per share valuation.