Canaccord Genuity on AVEO Pharmaceuticals (AVEO): FDA Concern on OS Rrend May Delay TIVO Filing

Canaccord Genuity maintains a 'Buy' on AVEO Pharmaceuticals (NASDAQ: AVEO) price target of $16.00.

Analyst, Salveen Richter, said, "AVEO reported Q2 GAAP EPS of $(0.68), above consensus of $(0.89) and CGe of $(0.88), but the key focus was on the potential delay (from Q3 to Q4) of tivozanib’s NDA filing due to FDA concern on the overall survival (OS) trend seen in the pivotal TIVO-1 study (81% OS in the Nexavar arm vs. 77% OS in the tivozanib arm, despite better PFS and ORR in the tivozanib arm)."

"Although AVEO will continue to follow OS in the TIVO-1 trial (and present the data when median OS is reached), they anticipate a continuation of the trend toward stronger OS in the Nexavar arm - given the 64% OS in a prior Nexavar trial (vs. 81% in the TIVO-1 Nexavar arm with crossover), AVEO believes tivozanib shows good second-line activity. Management characterized the interactions with the FDA as helpful, and plans to share the analyses with E.U. regulators."

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.

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