AVEO Pharmaceuticals (NASDAQ:AVEO) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Wednesday.

According to Zacks, “AVEO reported mixed Q3 results with earnings beating estimates while revenue missing the same. AVEO is heavily dependent on partnerships for pipeline development and funds. If any of the company’s partners fails to receive regulatory approvals or terminates a deal, AVEO’s future prospects would be severely hampered. Moreover, the company has suffered a string of pipeline setbacks in the past which may have an adverse impact on the stock. Additionally, the company’s targeted renal cell carcinoma (RCC) space is highly crowded with presence of big players in the area, which is another matter of concern for the company. However, the company got a huge boost with the approval of Fotivda in Europe for first-line treatment of advanced renal cell carcinoma. It is the first approved product in AVEO’s portfolio. Shares of the company have outperformed the industry so far this year.”

Several other equities research analysts have also weighed in on AVEO. Piper Jaffray Companies reissued a “buy” rating and issued a $3.50 price objective on shares of AVEO Pharmaceuticals in a report on Thursday, August 10th. assumed coverage on AVEO Pharmaceuticals in a report on Wednesday, November 15th. They issued a “buy” rating and a $5.00 price objective for the company. B. Riley assumed coverage on AVEO Pharmaceuticals in a report on Monday, November 13th. They issued a “buy” rating and a $5.00 price objective for the company. Seaport Global Securities reissued a “buy” rating on shares of AVEO Pharmaceuticals in a report on Friday, October 6th. Finally, BidaskClub raised AVEO Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a report on Wednesday, August 16th. Two research analysts have rated the stock with a sell rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $4.05.

Shares of AVEO Pharmaceuticals (AVEO) traded down $0.13 during trading on Wednesday, hitting $2.70. The stock had a trading volume of 1,830,600 shares, compared to its average volume of 3,105,808. AVEO Pharmaceuticals has a 1 year low of $0.50 and a 1 year high of $4.24. The company has a quick ratio of 2.33, a current ratio of 2.33 and a debt-to-equity ratio of -0.32.

A number of hedge funds have recently bought and sold shares of the business. RA Capital Management LLC purchased a new position in AVEO Pharmaceuticals during the 2nd quarter valued at about $18,727,000. Vanguard Group Inc. grew its holdings in AVEO Pharmaceuticals by 48.6% during the 2nd quarter. Vanguard Group Inc. now owns 3,551,360 shares of the biopharmaceutical company’s stock valued at $7,884,000 after buying an additional 1,162,232 shares in the last quarter. EAM Investors LLC purchased a new position in AVEO Pharmaceuticals during the 2nd quarter valued at about $1,979,000. Essex Investment Management Co. LLC purchased a new position in AVEO Pharmaceuticals during the 3rd quarter valued at about $550,000. Finally, Cannell Peter B & Co. Inc. grew its holdings in AVEO Pharmaceuticals by 22.9% during the 2nd quarter. Cannell Peter B & Co. Inc. now owns 109,875 shares of the biopharmaceutical company’s stock valued at $244,000 after buying an additional 20,500 shares in the last quarter. 50.95% of the stock is owned by institutional investors and hedge funds.

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AVEO Pharmaceuticals Company Profile

AVEO Pharmaceuticals, Inc is a biopharmaceutical company. The Company’s platform delivers insights into cancer and related disease. The Company’s product candidates include Tivozanib, Ficlatuzumab, AV-203 and AV-380. Tivozanib is a selective long half-life vascular endothelial growth factor tyrosine kinase inhibitor (VEGF TKI) that inhibits over three VEGF receptors.

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