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ONCS Hits New Low, AAC Trims Revenue Outlook, NVRO Down 45% YTD

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The following are some of the pharma/biotech stocks that posted the biggest percentage decline today.

1. OncoSec Medical Incorporated (ONCS)

OncoSec Medical is a clinical-stage biotechnology company focused on developing cytokine-based intratumoral immunotherapies for cancer.

Lost 49.82% to close Tuesday's (Nov.6) trading at $0.87. The stock touched a new low of $0.68 in intraday trading.

News: The Company reported positive preliminary data from KEYNOTE-695, a phase IIb trial of intratumoral delivery of TAVO with intravenous KEYTRUDA in patients with unresectable, advanced melanoma. The shares took a hit despite the positive results.

Of the first nine patients to complete 12 weeks of treatment and reach initial tumor evaluation, two patients had a partial response, one patient had stable disease and tumor responses occurred in both TAVO treated and untreated lesions, according to the Company.

2. AAC Holdings Inc. (AAC)

American Addiction Centers is a provider of inpatient and outpatient substance abuse treatment services.

Lost 44.26% to close Tuesday's trading at $2.96.

News: The Company reported financial results for the third quarter ended September 30, 2018, and revised down its revenue outlook for the year.

Net loss attributable to AAC Holdings for the third quarter of 2018 widened to $11.5 million or $0.47 per share from $0.8 million or $0.03 per share in the prior-year period. Revenue in the recent third quarter dropped to $77.5 million from $80.4 million in the year-earlier quarter.

Looking ahead to full year 2018, the Company now expects revenue to range between $315 million and $320 million, down from its prior outlook range of $325 million to $340 million.

3. Invacare Corp. (IVC)

Lost 43.41% to close Tuesday's trading at $7.47.

News: The Company reported a decline in sales in the third quarter ended September 30, 2018.

On an adjusted basis, net loss for the recent third quarter slightly improved to $13.16 million or $0.40 per share from $13.39 million or $0.41 per share in the year-ago quarter. Net sales for the third quarter of 2018 dropped to $244.5 million from $250.9 million in the year-earlier quarter.

Looking ahead, the Company expects net sales growth in the Europe segment to experience reduced sales in 4Q18 as it shifts its product mix toward more clinically valued, higher-margin products.

4. AVEO Pharmaceuticals Inc. (AVEO)

Lost 20.08% to close Tuesday's trading at $2.03.

News: The Company announced positive topline results from the primary analysis of TIVO-3 trial. Despite the positive news, the shares tumbled.

TIVO-3 is a phase III study comparing Tivozanib to Sorafenib in 351 subjects with highly refractory advanced or metastatic renal cell carcinoma.

Tivozanib is approved in the European Union, as well as Norway and Iceland, under brand name FOTIVDA, for the first-line treatment of adult patients with renal cell carcinoma.

According to the trial results, FOTIVDA showed 44% improvement in median progression free survival, and 26% reduction in risk of progression or death compared to Sorafenib.

Near-term Catalyst:

The Company's goal is to submit a New Drug Application for Tivozanib to the FDA in approximately six months.

5. Nevro Corp. (NVRO)

Lost 16.85% to close Tuesday's trading at $38.15.

News: The Company reported financial results for the third quarter ended September 30, 2018, and provided lackluster outlook.

Net loss for the recent third quarter widened to $11.26 million or $0.37 per share from $6.23 million or $0.21 per share in the year-ago quarter. Revenue for the third quarter of 2018 rose to $95.63 million from $82.25 million in the year-earlier period.

Looking ahead, Nevro now expects revenue to be at the low end of its previously stated range of $385.0 million to $390.0 million for 2018.

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