Zacks Investment Research upgraded shares of AVEO Pharmaceuticals, Inc. (NASDAQ:AVEO) from a hold rating to a buy rating in a report released on Monday, July 24th. Zacks Investment Research currently has $2.75 target price on the biopharmaceutical company’s stock.
According to Zacks, “AVEO’s progress with its lead pipeline candidate, tivozanib, has been impressive. The candidate has received CHMP recommendation for the first-line treatment of advanced renal cell carcinoma (RCC). A potential approval would be a huge boost for the company, given the lucrative first-line RCC market in Europe. It is also being evaluated in other studies for third-line treatment of RCC and advanced RCC. Meanwhile, AVEO is quite active on the partnership front. Its partnership with Novartis for its cachexia candidate, AV-380, is a huge positive for AVEO. Such deals provide the company with funds in the form of upfront and milestone payments. However, AVEO is heavily dependent on partnerships for pipeline development and revenues. Any hiccup in development and regulatory process for tivozanib will pull the stock down. Estimates have remained mostly stable ahead of the Q2 results. AVEO has a mixed record of earnings surprises in the recent quarters”
AVEO has been the subject of several other research reports. ValuEngine lowered shares of AVEO Pharmaceuticals from a sell rating to a strong sell rating in a research report on Friday, June 2nd. Piper Jaffray Companies reaffirmed a positive rating on shares of AVEO Pharmaceuticals in a research report on Friday, June 23rd. Finally, FBR & Co reaffirmed an outperform rating and set a $3.00 price target on shares of AVEO Pharmaceuticals in a research report on Thursday, July 13th. One investment analyst has rated the stock with a sell rating, three have issued a buy rating and one has assigned a strong buy rating to the company. AVEO Pharmaceuticals currently has an average rating of Buy and an average target price of $3.08.
Large investors have recently added to or reduced their stakes in the company. RA Capital Management LLC acquired a new stake in AVEO Pharmaceuticals during the second quarter valued at about $18,727,000. NEA Management Company LLC raised its stake in AVEO Pharmaceuticals by 57.9% in the first quarter. NEA Management Company LLC now owns 16,362,694 shares of the biopharmaceutical company’s stock valued at $9,654,000 after buying an additional 6,000,000 shares during the last quarter. Sphera Funds Management LTD. acquired a new stake in AVEO Pharmaceuticals during the first quarter valued at about $1,711,000. Perceptive Advisors LLC raised its stake in AVEO Pharmaceuticals by 64.3% in the first quarter. Perceptive Advisors LLC now owns 5,108,808 shares of the biopharmaceutical company’s stock valued at $3,014,000 after buying an additional 2,000,000 shares during the last quarter. Finally, Vanguard Group Inc. raised its stake in AVEO Pharmaceuticals by 48.6% in the second quarter. Vanguard Group Inc. now owns 3,551,360 shares of the biopharmaceutical company’s stock valued at $7,884,000 after buying an additional 1,162,232 shares during the last quarter. 51.03% of the stock is owned by 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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