Company

Bank

Analyst

Coverage

Opinion

Wk chg

12/20 cls

Aveo Pharmaceuticals Inc. (NASDAQ:AVEO)

RBC Capital Markets

Adnan Butt

Downgrade

Underperform (from sector performer)

-1%

$1.69

Butt also lowered his target to $2 from $5, saying shares are likely range-bound pending further data from a Phase II trial with tivozanib to treat metastatic colorectal cancer (mCRC). This month, Aveo said tivozanib is unlikely to meet the primary endpoint of improving progression-free survival (PFS) in a Phase II trial for mCRC conducted by partner Astellas Pharma Inc. (Tokyo:4503) (see BioCentury, Dec. 16). Butt expects data from a biomarker analysis of the trial in 2014. Aveo has exclusive ex-Asian rights to the inhibitor of VEGF receptors 1, 2 and 3 from Kyowa Hakko Kirin Co. Ltd. (Tokyo:4151).