Shares of AVEO Pharmaceuticals, Inc. (NASDAQ:AVEO) shot up 6.4% during trading on Tuesday following insider buying activity. The company traded as high as $2.08 and last traded at $2.00. 3,261,065 shares changed hands during mid-day trading, an increase of 42% from the average session volume of 2,294,086 shares. The stock had previously closed at $1.88.

Specifically, Director Anthony B. Evnin sold 325,139 shares of the company’s stock in a transaction that occurred on Wednesday, November 14th. The stock was sold at an average price of $1.90, for a total transaction of $617,764.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Equity Opportunities Iv Growth bought 1,200,000 shares of AVEO Pharmaceuticals stock in a transaction dated Monday, November 19th. The shares were acquired at an average cost of $1.86 per share, with a total value of $2,232,000.00. The disclosure for this purchase can be found here. Corporate insiders own 4.40% of the company’s stock.

Several brokerages have recently weighed in on AVEO. BidaskClub raised AVEO Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, September 11th. HC Wainwright set a $9.00 target price on AVEO Pharmaceuticals and gave the stock a “buy” rating in a research note on Tuesday, November 6th. Zacks Investment Research downgraded AVEO Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Tuesday, October 23rd. Finally, National Securities downgraded AVEO Pharmaceuticals from a “buy” rating to a “neutral” rating in a research note on Tuesday, November 6th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $5.42.

The company has a market cap of $235.65 million, a P/E ratio of -12.88 and a beta of 2.00.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Creative Planning acquired a new position in AVEO Pharmaceuticals in the 2nd quarter valued at $143,000. MetLife Investment Advisors LLC acquired a new position in AVEO Pharmaceuticals in the 3rd quarter valued at $275,000. Rhumbline Advisers acquired a new position in AVEO Pharmaceuticals in the 2nd quarter valued at $209,000. Birchview Capital LP raised its stake in AVEO Pharmaceuticals by 20.0% in the 3rd quarter. Birchview Capital LP now owns 120,000 shares of the biopharmaceutical company’s stock valued at $397,000 after purchasing an additional 20,000 shares during the last quarter. Finally, Granahan Investment Management Inc. MA raised its stake in AVEO Pharmaceuticals by 16.3% in the 2nd quarter. Granahan Investment Management Inc. MA now owns 179,512 shares of the biopharmaceutical company’s stock valued at $406,000 after purchasing an additional 25,134 shares during the last quarter. 49.77% of the stock is owned by hedge funds and other institutional investors.

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AVEO Pharmaceuticals Company Profile (NASDAQ:AVEO)

AVEO Pharmaceuticals, Inc, a biopharmaceutical company, develops and commercializes a portfolio of targeted medicines for oncology and other areas of unmet medical need. It markets its lead candidate, tivozanib, an oral, once-daily, vascular endothelial growth factor receptor tyrosine kinase inhibitor, which is used for the treatment of renal cell carcinoma (RCC).

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