Jefferies Downgrades AVEO Pharmaceuticals (AVEO) to Hold; Regulatory Risk Rises

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Jefferies downgraded AVEO Pharmaceuticals (NASDAQ: AVEO) from Buy to Hold with a price target of $11.00 (from $30.00).

Analyst, Thomas Wei, said, "The critical new disclosure from AVEO’s 2Q update is FDA concern on an unfavorable overall survival (OS) trend for tivozanib vs. Nexavar (81% vs. 77% one-year survival) in its Phase 3 renal cell cancer trial. While we accept AVEO’s theory for why these OS data are acceptable, it is very unclear how the FDA will judge the situation. We are downgrading to a Hold rating to reflect regulatory uncertainty."

FY12 EPS estimate raised from (3.13) to (3.05) and FY13 lowered from (2.68) to (3.98)

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 $9.75 yesterday, with a 52 week range of $9.26-$18.93.

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