Zacks Investment Research lowered shares of AVEO Pharmaceuticals (NASDAQ:AVEO) from a hold rating to a sell rating in a report published on Wednesday, December 6th.
According to Zacks, “AVEO reported mixed Q3 results with earnings beating estimates while revenue missing the same. AVEO is heavily dependent on partnerships for pipeline development and funds. If any of the company’s partners fails to receive regulatory approvals or terminates a deal, AVEO’s future prospects would be severely hampered. Moreover, the company has suffered a string of pipeline setbacks in the past which may have an adverse impact on the stock. Additionally, the company’s targeted renal cell carcinoma (RCC) space is highly crowded with presence of big players in the area, which is another matter of concern for the company. However, the company got a huge boost with the approval of Fotivda in Europe for first-line treatment of advanced renal cell carcinoma. It is the first approved product in AVEO’s portfolio. Shares of the company have outperformed the industry so far this year.”
Several other equities analysts have also issued reports on AVEO. Piper Jaffray Companies reaffirmed a buy rating and issued a $3.50 target price on shares of AVEO Pharmaceuticals in a report on Thursday, August 10th. BidaskClub raised AVEO Pharmaceuticals from a buy rating to a strong-buy rating in a report on Wednesday, August 16th. Seaport Global Securities reissued a buy rating on shares of AVEO Pharmaceuticals in a report on Friday, October 6th. B. Riley started coverage on AVEO Pharmaceuticals in a research report on Monday, November 13th. They set a buy rating and a $5.00 target price on the stock. Finally, started coverage on AVEO Pharmaceuticals in a research report on Wednesday, November 15th. They set a buy rating and a $5.00 target price on the stock. Two analysts have rated the stock with a sell rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of Buy and a consensus target price of $4.05.
Several large investors have recently made changes to their positions in AVEO. Fore Research & Management LP bought a new position in shares of AVEO Pharmaceuticals during the second quarter valued at about $111,000. Victory Capital Management Inc. bought a new stake in shares of AVEO Pharmaceuticals in the third quarter worth about $164,000. Rehmann Capital Advisory Group bought a new stake in shares of AVEO Pharmaceuticals in the third quarter worth about $193,000. OxFORD Asset Management LLP purchased a new stake in AVEO Pharmaceuticals in the third quarter worth about $228,000. Finally, Cannell Peter B & Co. Inc. lifted its holdings in AVEO Pharmaceuticals by 22.9% in the second quarter. Cannell Peter B & Co. Inc. now owns 109,875 shares of the biopharmaceutical company’s stock worth $244,000 after buying an additional 20,500 shares during the period. 50.91% of the stock is currently owned by hedge funds and other institutional investors.
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About AVEO Pharmaceuticals
AVEO Pharmaceuticals, Inc is a biopharmaceutical company. The Company’s platform delivers insights into cancer and related disease. The Company’s product candidates include Tivozanib, Ficlatuzumab, AV-203 and AV-380. Tivozanib is a selective long half-life vascular endothelial growth factor tyrosine kinase inhibitor (VEGF TKI) that inhibits over three VEGF receptors.
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