H.C. Wainwright Reaffirms Their Buy Rating on AVEO Pharma (AVEO)

By Carrie Williams

H.C. Wainwright analyst Swayampakula Ramakanth maintained a Buy rating on AVEO Pharma (AVEOResearch Report) today and set a price target of $9. The company’s shares closed on Friday at $1.97.

Ramakanth observed:

“We maintain our Buy rating on AVEO and our 12-month price target of $9.00 per share. We derive our price target based on a risk-adjusted NPV analysis of projected tivozanib and ficlatuzumab revenues through 2030 assuming a 12.5% discount rate and 3% terminal growth rate. We derive an rNPV of $1.5B for the products and add in cash and cash equivalents of $18M to arrive at a 12-month price target of $9.16 per diluted share, which we round to $9.00.”

According to TipRanks.com, Ramakanth is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -5.8% and a 30.2% success rate. Ramakanth covers the Healthcare sector, focusing on stocks such as Diffusion Pharmaceuticals Inc, IntelGenx Technologies, and Collplant Holdings Ltd.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for AVEO Pharma with a $5.67 average price target, a 187.8% upside from current levels. In a report issued on January 3, Robert W. Baird also initiated coverage with a Buy rating on the stock with a $3 price target.

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The company has a one-year high of $3.59 and a one-year low of $1.40. Currently, AVEO Pharma has an average volume of 2.58M.

Based on the recent corporate insider activity of 126 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of AVEO in relation to earlier this year.

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AVEO Pharmaceuticals, Inc. is a biopharmaceutical company, which engages in the advancement of therapeutics for oncology, and other areas of unmet medical need. Its product candidates include Tivozanib, Ficlatuzmab, AV-203, AV-380, and AV-353.