AVEO Pharmaceuticals Upgraded to Sector Perform at RBC

Biopharmaceutical company AVEO Pharmaceuticals, Inc. (NASDAQ:AVEO) has been upgraded by analysts at RBC Capital Markets to a sector perform rating from underperform. The firm also raised its price target on the stock to $3 from $2 a share, which represents a potential upside of of % from its Friday closing price.

Shares of AVEO Pharmaceuticals, Inc. (AVEO) soared on Friday after the company reported that its tivozanib cancer drug had superior results compared with Roche Holding Ltd.’s RHHBY Avastin in a Phase II trial.

In Monday’s pre-market session, shares have jumped nearly 21% to $1.81, moving within a 52-week trading range of $0.61 – $2.02.

On a consensus basis, Wall Street sell-side analysts have a mean target price of $2 for AVEO Pharmaceuticals, Inc. (NASDAQ:AVEO). This number is based on the mean estimate from the 1 research firms that recently issued reports on the company.

According to analysts, AVEO Pharmaceuticals, Inc. (NASDAQ:AVEO) is expected to report earnings per share for the current fiscal quarter of $N/A. This is the consensus mean estimate based on the individual covering sell-side analysts’ reported numbers. The company last reported earnings for the period ending on 2014-12-31 of $-0.27.

The average broker recommendation is arithmetical average of the individual ratings contributed by sell-side analysts to produce a Consensus Analyst Rating for each stock. On a scale of 1 to 5 where 1 is a Strong Buy and 5 is a Strong Sell, has the stock is ranked 3 based on 1 sell-side broker recommendations. Of the 1 analyst estimates, the most bullish sees the stock reaching $2 within the next 12 months while the most bearish analyst sees the stock at $2 within the year.

AVEO Pharmaceuticals, Inc. is a cancer therapeutics company discovering, developing and commercializing targeted cancer therapies. The Company’s Human Response Platform, a method of building preclinical models of human cancer, provides the Company with insights into cancer biology and is being leveraged in the discovery and clinical development of its cancer therapeutics. Tivozanib is the Company’s lead product candidate, which the Company partnered with Astellas Pharma Inc. (Astellas) during the year ended December 31, 2011. Tivozanib is an inhibitor of all three vascular endothelial growth factor (VEGF) receptors that is designed to optimize VEGF blockade while minimizing off-target toxicities. In January 2012, the Company announced data from its global, phase III clinical trial of tivozanib, a therapy for first-line treatment in renal cell carcinoma (RCC), which the Company refers to as the TIVO-1 study.

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