Canaccord Genuity Maintains a 'Buy' on AVEO Pharmaceuticals (AVEO); Conflicting TIVO-1 Data Clouds RCC Competitive Landscape
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Price: $15.00 --0%
Rating Summary:
4 Buy, 11 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
4 Buy, 11 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Canaccord Genuity maintains a 'Buy' on AVEO Pharmaceuticals (NASDAQ: AVEO) price target of $28.00.
Canaccord analyst, George Farmer, said, "TIVO-1 met its primary endpoint of demonstrating a statistically significant progression-free survival (PFS) benefit with lead drug candidate, tivozanib (t-nib), over Nexavar (11.9 vs. 9.1 months; no stats revealed) as front-line treatment of metastatic renal cell carcinoma (RCC). Safety/tolerability was consistent with Phase II results, as reported. While the Nexavar PFS outcome was higher than our/Street expectations (leading to a smaller-than-expected overall treatment benefit), we see explicit FDA focus on absolute efficacy supporting eventual NDA approval, per comments from an ODAC meeting last month. We expect market launch in Q4/13."
"We maintain our BUY on our view of oversold AVEO shares following top-line Phase III TIVO-1 data release."
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 $13.83 yesterday.
Canaccord analyst, George Farmer, said, "TIVO-1 met its primary endpoint of demonstrating a statistically significant progression-free survival (PFS) benefit with lead drug candidate, tivozanib (t-nib), over Nexavar (11.9 vs. 9.1 months; no stats revealed) as front-line treatment of metastatic renal cell carcinoma (RCC). Safety/tolerability was consistent with Phase II results, as reported. While the Nexavar PFS outcome was higher than our/Street expectations (leading to a smaller-than-expected overall treatment benefit), we see explicit FDA focus on absolute efficacy supporting eventual NDA approval, per comments from an ODAC meeting last month. We expect market launch in Q4/13."
"We maintain our BUY on our view of oversold AVEO shares following top-line Phase III TIVO-1 data release."
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 $13.83 yesterday.
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