Zacks Investment Research lowered shares of AVEO Pharmaceuticals Inc. (NASDAQ:AVEO) from a buy rating to a hold rating in a research report sent to investors on Wednesday morning.

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.”

Other equities research analysts also recently issued reports about the stock. Piper Jaffray Cos. reissued a buy rating on shares of AVEO Pharmaceuticals in a research note on Thursday, June 16th. FBR & Co reissued a buy rating on shares of AVEO Pharmaceuticals in a research note on Monday, June 20th.

Shares of AVEO Pharmaceuticals (NASDAQ:AVEO) traded down 0.035% during midday trading on Wednesday, hitting $0.868. 11,365 shares of the company’s stock were exchanged. The company has a 50-day moving average of $0.91 and a 200-day moving average of $0.95. The firm’s market cap is $65.85 million. AVEO Pharmaceuticals has a 52 week low of $0.81 and a 52 week high of $1.47.

A number of large investors have recently modified their holdings of AVEO. Spark Investment Management LLC purchased a new stake in shares of AVEO Pharmaceuticals during the second quarter valued at 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 valued at $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 valued at $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 valued at $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 valued at approximately $2,490,000. 39.10% of the stock is owned by hedge funds and other institutional investors.

AVEO Pharmaceuticals Company Profile

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.

5 Day Chart for NASDAQ:AVEO

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