In a report released today, Madhu Kumar from B.Riley FBR reiterated a Buy rating on AVEO Pharma (NASDAQ: AVEO), with a price target of $5. The company’s shares opened today at $2.34.
Kumar wrote:
“Yesterday (7/16), after market close, AVEO Pharmaceuticals (AVEO) announced that top-line data from the Phase III TIVO-3 trial for lead asset Fotivda in third-line renal cell cancer (RCC) have been delayed from 3Q18 to 4Q18. While we understand market concerns around further data delays for this readout, we reiterate our belief in success for Fotivda in TIVO-3, due to the efficacy edge seen by the drug in earlier clinical studies. We thus reiterate our AVEO Buy rating and $5 price target and AVEO’s status as one of our Out-the-Gate 2018 Picks.”
According to TipRanks.com, Kumar is a 5-star analyst with an average return of 37.1% and a 60.0% success rate. Kumar covers the Healthcare sector, focusing on stocks such as Arbutus Biopharma Corporation, Deciphera Pharmaceuticals Inc, and Clementia Pharmaceuticals Inc.
AVEO Pharma has an analyst consensus of Moderate Buy, with a price target consensus of $5.
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The company has a one-year high of $4.24 and a one-year low of $1.91. Currently, AVEO Pharma has an average volume of 1.83M.
Based on the recent corporate insider activity of 53 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of AVEO in relation to earlier this year.
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AVEO Pharmaceuticals, Inc. is a biopharmaceutical company, which engages in the advancement of therapeutics for oncology, and other areas of unmet medical need. Its product candidates include Tivozanib, Ficlatuzmab, AV-203, AV-380, and AV-353.
