initiated coverage on shares of AVEO Pharmaceuticals, Inc. (NASDAQ:AVEO) in a report issued on Wednesday. The brokerage set a “buy” rating and a $5.00 price target on the biopharmaceutical company’s stock. ‘s target price suggests a potential upside of 63.40% from the company’s current price.

A number of other brokerages have also issued reports on AVEO. Seaport Global Securities reiterated a “buy” rating on shares of AVEO Pharmaceuticals in a research note on Friday, October 6th. Piper Jaffray Companies boosted their price target on shares of AVEO Pharmaceuticals from $3.80 to $4.50 and gave the stock an “overweight” rating in a research note on Monday, August 28th. BidaskClub upgraded shares of AVEO Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, August 16th. B. Riley began coverage on shares of AVEO Pharmaceuticals in a research note on Monday. They set a “buy” rating and a $5.00 price target on the stock. Finally, Zacks Investment Research upgraded shares of AVEO Pharmaceuticals from a “hold” rating to a “buy” rating and set a $2.75 price target on the stock in a research note on Monday, July 24th. One investment analyst has rated the stock with a sell rating, six have given a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $4.05.

Shares of AVEO Pharmaceuticals (NASDAQ:AVEO) traded up $0.05 during trading on Wednesday, hitting $3.06. 1,657,300 shares of the stock were exchanged, compared to its average volume of 3,191,520. AVEO Pharmaceuticals has a twelve month low of $0.50 and a twelve month high of $4.24. The company has a current ratio of 2.33, a quick ratio of 2.33 and a debt-to-equity ratio of -0.32.

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A number of hedge funds have recently added to or reduced their stakes in AVEO. RA Capital Management LLC purchased a new stake in AVEO Pharmaceuticals during the second quarter worth about $18,727,000. Vanguard Group Inc. boosted its holdings in AVEO Pharmaceuticals by 48.6% during the second quarter. Vanguard Group Inc. now owns 3,551,360 shares of the biopharmaceutical company’s stock worth $7,884,000 after buying an additional 1,162,232 shares in the last quarter. EAM Investors LLC purchased a new stake in AVEO Pharmaceuticals during the second quarter worth about $1,979,000. Paloma Partners Management Co purchased a new stake in AVEO Pharmaceuticals during the first quarter worth about $184,000. Finally, Essex Investment Management Co. LLC purchased a new stake in shares of AVEO Pharmaceuticals in the third quarter valued at about $550,000. 53.94% of the stock is currently 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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