AVEO Pharmaceuticals, Inc. (NASDAQ:AVEO) announced the relocation of its corporate headquarters to One Broadway in Cambridge, Massachusetts, effective today. Consistent with the Company’s goal of streamlining operations to align with its needs going forward, the new facility consists of approximately 5,000 square feet of office space under flexible lease terms, with no laboratory or vivarium space. The new headquarters represents a reduction of approximately 90% in facilities from its prior Cambridge location at 650 E. Kendall Square. AVEO also announced today the unveiling of a new corporate logo.
“Relocation of our corporate headquarters is one of the final steps in achieving the cost containing goals set out in our strategic restructuring we announced in January, which included elimination of our internal research function and a reduction in our facility requirements, thereby releasing us from costly laboratory and vivarium space,” said Michael Bailey, AVEO’s president and chief executive officer. “AVEO is now a streamlined organization with its resources squarely focused on the execution of a strategy aimed at leveraging biomarker insights and exploring partnership opportunities to advance our pipeline. We look forward to making progress toward our goals in the near future, and to outlining a path forward for the new AVEO.” (Original Source)
Shares of AVEO Pharmaceuticals closed last Friday at $2.31. AVEO has a 1-year high of $3.50 and a 1-year low of $0.61. The stock’s 50-day moving average is $1.60 and its 200-day moving average is $1.16.
On the ratings front, RBC analyst Adnan Butt upgraded AVEO to Hold, with a price target of $3, in a report issued on March 9. The current price target implies an upside of 29.9% from current levels. According to TipRanks.com, Butt has a total average return of -3.6%, a 50.0% success rate, and is ranked #3225 out of 3608 analysts.
AVEO Pharmaceuticals Inc is a biopharmaceutical company. It is involved in discovering, developing and commercializing novel cancer therapeutics.