Market Overview

UPDATE: Canaccord Genuity Downgrades AVEO Pharmaceuticals to Hold Following ODAC Meeting

Related AVEO
EXCLUSIVE: AVEO CEO Explains How New Partnership Will Address $500 Million Opportunity Overseas
Mid-Morning Market Update: Markets Open Higher; Neogen Earnings Miss View

In a report published Friday, Canaccord Genuity analyst Salveen Richter downgraded the rating on AVEO Pharmaceuticals (NASDAQ: AVEO) from Buy to Hold, and lowered the price target from $16.00 to $2.00.

In the report, Richter noted, “Following the FDA Oncologic Drug Advisory Committee (ODAC) meeting on tivozanib in renal cell carcinoma (RCC) where they voted 13 ‘no' – 1 ‘yes' (patient representative) on the question of ‘has the applicant demonstrated a favorable benefit to risk evaluation for treatment of RCC in an adequate and well-controlled trial?,' AVEO management hosted a very brief call (no Q&A) summarizing the panel outcome and stated they will impose a quiet period up to the July 28 PDUFA as they make decisions on the future of the company.”

AVEO Pharmaceuticals closed on Thursday at $2.65.

Latest Ratings for AVEO

Mar 2015RBC CapitalUpgradesUnderperformSector Perform
Dec 2013RBC CapitalDowngradesSector PerformUnderperform
May 2013Canaccord GenuityDowngradesBuyHold

View More Analyst Ratings for AVEO
View the Latest Analyst Ratings

Posted-In: Canaccord GenuityAnalyst Color Downgrades Analyst Ratings


Related Articles (AVEO)

Get Benzinga's Newsletters