Zacks Investment Research downgraded shares of AVEO Pharmaceuticals (NASDAQ:AVEO) from a hold rating to a sell rating in a report released on Wednesday.

According to Zacks, “AVEO reported mixed Q3 results with earnings beating estimates while revenue missing the same. AVEO is heavily dependent on partnerships for pipeline development and funds. If any of the company’s partners fails to receive regulatory approvals or terminates a deal, AVEO’s future prospects would be severely hampered. Moreover, the company has suffered a string of pipeline setbacks in the past which may have an adverse impact on the stock. Additionally, the company’s targeted renal cell carcinoma (RCC) space is highly crowded with presence of big players in the area, which is another matter of concern for the company. However, the company got a huge boost with the approval of Fotivda in Europe for first-line treatment of advanced renal cell carcinoma. It is the first approved product in AVEO’s portfolio. Shares of the company have outperformed the industry so far this year.”

Other equities research analysts have also issued reports about the company. B. Riley began coverage on AVEO Pharmaceuticals in a research note on Monday, November 13th. They issued a buy rating and a $5.00 price objective for the company. BidaskClub upgraded AVEO Pharmaceuticals from a buy rating to a strong-buy rating in a research note on Wednesday, August 16th. began coverage on AVEO Pharmaceuticals in a research note on Wednesday, November 15th. They issued a buy rating and a $5.00 price objective for the company. Piper Jaffray Companies upped their price objective on AVEO Pharmaceuticals from $3.80 to $4.50 and gave the stock an overweight rating in a research note on Monday, August 28th. Finally, Seaport Global Securities reiterated a buy rating on shares of AVEO Pharmaceuticals in a research note on Friday, October 6th. Two investment analysts have rated the stock with a sell rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. AVEO Pharmaceuticals presently has an average rating of Buy and an average price target of $4.05.

Shares of AVEO Pharmaceuticals (AVEO) opened at $2.94 on Wednesday. The company has a debt-to-equity ratio of -0.32, a quick ratio of 2.33 and a current ratio of 2.33. AVEO Pharmaceuticals has a 12 month low of $0.50 and a 12 month high of $4.24.

A number of hedge funds have recently modified their holdings of AVEO. Fore Research & Management LP purchased a new stake in AVEO Pharmaceuticals in the 2nd quarter worth $111,000. Victory Capital Management Inc. purchased a new stake in AVEO Pharmaceuticals in the 3rd quarter worth $164,000. Rehmann Capital Advisory Group purchased a new stake in AVEO Pharmaceuticals in the 3rd quarter worth $193,000. OxFORD Asset Management LLP purchased a new stake in AVEO Pharmaceuticals in the 3rd quarter worth $228,000. Finally, Cannell Peter B & Co. Inc. grew its position in shares of AVEO Pharmaceuticals by 22.9% during the second quarter. Cannell Peter B & Co. Inc. now owns 109,875 shares of the biopharmaceutical company’s stock valued at $244,000 after purchasing an additional 20,500 shares in the last quarter. Institutional investors and hedge funds own 50.95% of the company’s stock.

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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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