AVEO Pharmaceuticals Inc. (NASDAQ:AVEO) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Wednesday.
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.”
A number of other equities analysts have also commented on AVEO. FBR & Co reaffirmed a “buy” rating on shares of AVEO Pharmaceuticals in a research report on Monday, August 8th. Piper Jaffray Cos. reaffirmed a “buy” rating on shares of AVEO Pharmaceuticals in a research report on Thursday, June 16th.
Shares of AVEO Pharmaceuticals (NASDAQ:AVEO) traded down 0.2093% during trading on Wednesday, hitting $0.8581. 109,423 shares of the company’s stock were exchanged. AVEO Pharmaceuticals has a 1-year low of $0.81 and a 1-year high of $1.47. The stock’s 50-day moving average price is $0.90 and its 200-day moving average price is $0.95. The stock’s market cap is $65.09 million.
A number of institutional investors have recently added to or reduced their stakes in AVEO. Spark Investment Management LLC acquired a new position in AVEO Pharmaceuticals during the second quarter worth approximately $281,000. Bridgeway Capital Management Inc. increased 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 during the last quarter. Renaissance Technologies LLC increased 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 during the last quarter. Vanguard Group Inc. increased its stake in shares of AVEO Pharmaceuticals by 1.1% in the second quarter. Vanguard Group Inc. now owns 2,470,485 shares of the biopharmaceutical company’s stock worth $2,374,000 after buying an additional 27,304 shares during the last quarter. Finally, New Leaf Venture Partners L.L.C. purchased a new stake in shares of AVEO Pharmaceuticals during the second quarter worth about $2,490,000. 39.10% of the stock is currently owned by institutional investors and hedge funds.
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.