UPDATE: Jefferies & Company Reiterates Hold Rating, Lowers PT on Aveo Pharmaceuticals

In a report published Wednesday, Jefferies & Company reiterated its Hold rating on Aveo Pharmaceuticals

, but lowered its price target from $11.00 to $9.00. Jefferies noted, “Aveo announced a strategic restructuring, which will extend its current cash to year-end 2013. This is an incremental positive, although it does not eliminate the company's near-term search for additional capital. The primary focus for investors remains the regulatory prospects for tivozanib in renal cell carcinoma.” Aveo Pharmaceuticals closed on Tuesday at $7.87.