UPDATE: RBC Capital Markets Upgrades AVEO Pharmaceuticals On Progress In Multiple Areas

In a report published Monday, RBC Capital Markets analyst Adnan Butt upgraded the rating on AVEO Pharmaceuticals, Inc. AVEO from Underperform to Sector Perform, and raised the price target from $2.00 to $3.00. In the report, RBC Capital Markets noted, "Since the setback with tivozanib in renal cancer, AVEO has made progress on four fronts: 1) Restructuring, to extend cash into 2016, 2) Showing an ability to partner, (the unique OPHT deal), 3) Outlining a biomarker strategy (tivozanib in CRC), and 4) Finding a path for tivozanib in the EU. All routes may need partnerships but partnering also seems more possible now." AVEO Pharmaceuticals closed on Friday at $1.50.