According to Zacks, “AVEO missed on both earnings and revenues in the first quarter of 2019. The company got a huge boost from the approval for Fotivda in Europe regarding the first-line treatment of advanced renal cell carcinoma (RCC).However, AVEO faced a major setback when it had to delay its submission of a new drug application (NDA) for Fotivda in the United States. The company intended to submit the NDA in the first half of 2019 but now interim data will be available during the fourth quarter of 2019, subject to mature OS results. Although, the target market is lucrative, dependence on partners for pipeline development and funds accumulation is a concern. Failure to receive regulatory approvals or the termination of a deal would hamper AVEO’s future prospects. AVEO receives royalties from Fotivda sales in certain European countries. This is a key revenue driver. Shares of the company have underperformed the industry so far this year.”
Several other research firms have also weighed in on AVEO. BidaskClub raised AVEO Pharmaceuticals from a sell rating to a hold rating in a research report on Tuesday, January 15th. HC Wainwright lowered AVEO Pharmaceuticals from a buy rating to a neutral rating and set a $1.00 price objective for the company. in a research report on Friday, February 1st. Piper Jaffray Companies reissued an overweight rating and issued a $3.00 price objective (down from $5.00) on shares of AVEO Pharmaceuticals in a research report on Thursday, January 31st. ValuEngine lowered AVEO Pharmaceuticals from a buy rating to a hold rating in a research report on Thursday, January 31st. Finally, National Securities began coverage on AVEO Pharmaceuticals in a research report on Thursday, March 28th. They issued a sell rating for the company. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has an average rating of Hold and an average target price of $1.96.
NASDAQ:AVEO traded down $0.07 during trading hours on Wednesday, hitting $0.73. 107,624 shares of the company were exchanged, compared to its average volume of 6,211,551. The firm has a market cap of $128.11 million, a P/E ratio of -3.88 and a beta of 1.21. AVEO Pharmaceuticals has a one year low of $0.49 and a one year high of $3.59.
AVEO Pharmaceuticals (NASDAQ:AVEO) last posted its quarterly earnings data on Thursday, March 14th. The biopharmaceutical company reported ($0.03) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.06) by $0.03. AVEO Pharmaceuticals had a negative return on equity of 24.50% and a net margin of 70.30%. The firm had revenue of $1.48 million during the quarter, compared to analyst estimates of $2.48 million. On average, equities analysts anticipate that AVEO Pharmaceuticals will post -0.16 earnings per share for the current fiscal year.
In other AVEO Pharmaceuticals news, major shareholder Equity Opportunities Fu Growth acquired 4,347,827 shares of the stock in a transaction dated Monday, April 8th. The stock was purchased at an average cost of $1.14 per share, with a total value of $4,956,522.78. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 4.40% of the company’s stock.
A number of institutional investors have recently modified their holdings of AVEO. NEA Management Company LLC increased its position in AVEO Pharmaceuticals by 11.8% in the 4th quarter. NEA Management Company LLC now owns 20,896,038 shares of the biopharmaceutical company’s stock valued at $33,434,000 after buying an additional 2,198,000 shares in the last quarter. Geode Capital Management LLC increased its position in AVEO Pharmaceuticals by 36.3% in the 4th quarter. Geode Capital Management LLC now owns 1,394,576 shares of the biopharmaceutical company’s stock valued at $2,231,000 after buying an additional 371,327 shares in the last quarter. D. E. Shaw & Co. Inc. bought a new stake in AVEO Pharmaceuticals in the 4th quarter valued at about $455,000. BlueMountain Capital Management LLC bought a new stake in AVEO Pharmaceuticals in the 1st quarter valued at about $230,000. Finally, BlackRock Inc. increased its position in AVEO Pharmaceuticals by 3.3% in the 4th quarter. BlackRock Inc. now owns 7,357,716 shares of the biopharmaceutical company’s stock valued at $11,773,000 after buying an additional 236,822 shares in the last quarter. 30.99% of the stock is owned by institutional investors and hedge funds.
AVEO Pharmaceuticals Company Profile
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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