AVEO Pharmaceuticals, Inc. (AVEO) Sees Large Increase in Short Interest

AVEO Pharmaceuticals, Inc. (NASDAQ:AVEO) was the target of a significant increase in short interest in October. As of October 31st, there was short interest totalling 22,599,619 shares, an increase of 18.2% from the October 15th total of 19,120,393 shares. Currently, 23.2% of the shares of the company are sold short. Based on an average trading volume of 2,980,606 shares, the short-interest ratio is presently 7.6 days.

Shares of NASDAQ AVEO opened at $1.86 on Friday. AVEO Pharmaceuticals has a 52 week low of $1.78 and a 52 week high of $3.59. The stock has a market capitalization of $241.63 million, a P/E ratio of -11.63 and a beta of 2.00.

AVEO Pharmaceuticals (NASDAQ:AVEO) last announced its quarterly earnings data on Tuesday, August 7th. The biopharmaceutical company reported ($0.15) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.06) by ($0.09). The company had revenue of $0.43 million for the quarter, compared to analysts’ expectations of $1.35 million. Research analysts forecast that AVEO Pharmaceuticals will post -0.25 EPS for the current fiscal year.

In other news, major shareholder Equity Opportunities Iv Growth bought 663,716 shares of the stock in a transaction dated Tuesday, August 21st. The shares were acquired at an average price of $2.26 per share, with a total value of $1,499,998.16. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 4.40% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. NEA Management Company LLC raised its position in AVEO Pharmaceuticals by 8.7% during the second quarter. NEA Management Company LLC now owns 17,783,722 shares of the biopharmaceutical company’s stock worth $40,091,000 after acquiring an additional 1,421,028 shares during the last quarter. BlackRock Inc. raised its position in AVEO Pharmaceuticals by 2.1% during the third quarter. BlackRock Inc. now owns 7,120,894 shares of the biopharmaceutical company’s stock worth $23,570,000 after acquiring an additional 143,148 shares during the last quarter. Northern Trust Corp raised its position in AVEO Pharmaceuticals by 396.0% during the second quarter. Northern Trust Corp now owns 1,098,075 shares of the biopharmaceutical company’s stock worth $2,482,000 after acquiring an additional 876,703 shares during the last quarter. Bank of New York Mellon Corp raised its position in AVEO Pharmaceuticals by 14.9% during the third quarter. Bank of New York Mellon Corp now owns 331,010 shares of the biopharmaceutical company’s stock worth $1,096,000 after acquiring an additional 42,937 shares during the last quarter. Finally, Fosun International Ltd acquired a new position in AVEO Pharmaceuticals during the third quarter worth about $1,090,000. Institutional investors own 50.84% of the company’s stock.

Several analysts recently commented on AVEO shares. BidaskClub upgraded shares of AVEO Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, September 11th. HC Wainwright set a $7.00 price objective on shares of AVEO Pharmaceuticals and gave the company a “buy” rating in a research note on Tuesday, October 23rd. Zacks Investment Research cut shares of AVEO Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Tuesday, October 23rd. Finally, National Securities cut shares of AVEO Pharmaceuticals from a “buy” rating to a “neutral” rating in a research note on Tuesday. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. AVEO Pharmaceuticals currently has a consensus rating of “Buy” and an average target price of $6.33.

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AVEO Pharmaceuticals Company Profile

AVEO Pharmaceuticals, Inc, a biopharmaceutical company, develops and commercializes a portfolio of targeted medicines for oncology and other areas of unmet medical need. It markets its lead candidate, tivozanib, an oral, once-daily, vascular endothelial growth factor receptor tyrosine kinase inhibitor, which is used for the treatment of renal cell carcinoma (RCC).

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