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

In a report published Friday, Canaccord Genuity analyst Salveen Richter downgraded the rating on AVEO Pharmaceuticals

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.