Wk chg

10/12 cls

Aveo Pharmaceuticals Inc. (NASDAQ:AVEO)


Howard Liang


Market perform (from outperform)



Liang also lowered his target to $10 from $12 on regulatory uncertainty for renal cell carcinoma (RCC) compound tivozanib, citing the lack of regulatory precedence for FDA approval based on a progression-free survival benefit with an "unfavorable" survival trend. In August, Aveo said FDA had expressed concerns about an estimated one-year survival rate of 77% in the tivozanib arm compared to 81% in the sorafenib arm; however, the overall survival data were not yet mature. Last month, Aveo submitted an NDA. The inhibitor of VEGF receptors 1, 2 and 3 is partnered with Astellas Pharma Inc. (Tokyo:4503) outside of Asia. Bayer AG (Xetra:BAYN) and Onyx Pharmaceuticals Inc. (NASDAQ:ONXX) market Nexavar sorafenib.

Exact Sciences Corp. (NASDAQ:EXAS)


Zarak Khurshid


Neutral (from outperform)



Khurshid maintained his $11 target on Exact Sciences' "unappealing" risk/reward profile, citing a 53% run-up of the stock over the past 12 months and high expectations for upcoming preliminary data. The company is expected to present data on its molecular stool test for colorectal cancer screening at an American Association for Cancer Research meeting this week. Khurshid noted that "shares have a history of selloffs following data announcements."