Zacks Investment Research Lowers AVEO Pharmaceuticals Inc. (AVEO) to Hold
According to Zacks, “AVEO is a development-stage biopharmaceutical company focused on the development of cancer treatments. We are encouraged by the company’s progress with its lead pipeline candidate, tivozanib. Tivozanib is under review in the EU for the first-line treatment of renal cell carcinoma (RCC). Currently, the candidate is being evaluated in a couple of studies for the third-line treatment of RCC and advanced RCC. Meanwhile, AVEO is quite active on the partnering front. It has partnerships with Ophthotech and EUSA Pharma for tivozanib. Moreover, securing Novartis as a partner for cachexia candidate, AV-380, represents a huge positive for the company. Such deals provide the company with funds in the form of upfront and milestone payments. On the flip side, termination of the Pharmstandard agreement for tivozanib is concerning. Going forward, any hiccup on the development/regulatory front would impact its shares negatively.”
Several other research firms have also issued reports on AVEO. Piper Jaffray Cos. reaffirmed a buy rating on shares of AVEO Pharmaceuticals in a research note on Thursday, June 16th. FBR & Co reaffirmed a buy rating on shares of AVEO Pharmaceuticals in a research note on Monday, June 20th.
Shares of AVEO Pharmaceuticals (NASDAQ:AVEO) opened at 0.8401 on Wednesday. AVEO Pharmaceuticals has a 12-month low of $0.81 and a 12-month high of $1.47. The company’s market capitalization is $63.73 million. The firm has a 50-day moving average price of $0.90 and a 200 day moving average price of $0.95.
Several large investors have recently modified their holdings of AVEO. Renaissance Technologies LLC raised its stake in shares of AVEO Pharmaceuticals by 6.0% in the first quarter. Renaissance Technologies LLC now owns 2,094,900 shares of the biopharmaceutical company’s stock worth $1,927,000 after buying an additional 119,000 shares in the last quarter. New Leaf Venture Partners L.L.C. acquired a new stake in shares of AVEO Pharmaceuticals during the second quarter worth about $2,490,000. Bridgeway Capital Management Inc. raised its stake in shares of AVEO Pharmaceuticals by 63.7% in the second quarter. Bridgeway Capital Management Inc. now owns 514,051 shares of the biopharmaceutical company’s stock worth $494,000 after buying an additional 200,000 shares in the last quarter. Spark Investment Management LLC acquired a new stake in shares of AVEO Pharmaceuticals during the second quarter worth about $281,000. Finally, Perceptive Advisors LLC acquired a new stake in shares of AVEO Pharmaceuticals during the second quarter worth about $2,987,000. 39.10% of the stock is owned by hedge funds and other institutional investors.
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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