Canaccord Genuity Maintains a 'Buy' on AVEO Pharmaceuticals (AVEO); Q1 In-line; Waiting on P3 TIVO-1 Data at ASCO

May 4, 2012 11:39 AM EDT
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Price: $0.68 --0%

Rating Summary:
    3 Buy, 8 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 15 | Down: 11 | New: 9
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Canaccord Genuity maintains a 'Buy' on AVEO Pharmaceuticals (NASDAQ: AVEO) price target of $14.00.

Analyst, Salveen Richter, said, "AVEO reported Q1/12 GAAP EPS of $(0.77), roughly in line with consensus of $(0.76) but below CGe of $(0.71). The call focused on ficlatuzumab P2 data in NSCLC, which was released yesterday, as well as management’s outlook for ASCO. We look toward full P3 TIVO-1 data at ASCO (June 2; 3pm-6pm; Chicago) – which will provide clarity on tivozanib’s efficacy and safety profile vs. the available drugs in RCC and in the context of new competitor data (PFE’s Inlyta) – to serve as the next catalyst for AVEO shares. The NDA filing remains on track for Q3/12." (Raising FY12 EPS estimate from $1.68 to $1.72)

For an analyst ratings summary and ratings history on AVEO Pharmaceuticals click here. For more ratings news on AVEO Pharmaceuticals click here.

Shares of AVEO Pharmaceuticals closed at $11.55 yesterday.

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