Stocks to WAtch: AVEO Pharmaceuticals, Inc. (NASDAQ:AVEO) Short Interest Up 6.5%

AVEO Pharmaceuticals, Inc. (NASDAQ:AVEO) was the target of a significant increase in short interest in June. As of June 30th, there was short interest totalling 21,735,300 shares, an increase of 6.5% from the May 30th total of 20,409,600 shares. Based on an average daily volume of 3,260,000 shares, the short-interest ratio is currently 6.7 days. Approximately 21.6% of the shares of the stock are sold short.

Separately, Zacks Investment Research downgraded shares of HEXO from a “hold” rating to a “sell” rating in a research report on Wednesday, May 15th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the company. AVEO Pharmaceuticals currently has an average rating of “Hold” and an average price target of $1.96.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Rhumbline Advisers raised its position in AVEO Pharmaceuticals by 50.4% during the fourth quarter. Rhumbline Advisers now owns 138,271 shares of the biopharmaceutical company’s stock valued at $221,000 after purchasing an additional 46,307 shares in the last quarter. New York State Common Retirement Fund raised its position in AVEO Pharmaceuticals by 261.3% during the fourth quarter. New York State Common Retirement Fund now owns 248,600 shares of the biopharmaceutical company’s stock valued at $398,000 after purchasing an additional 179,800 shares in the last quarter. BlackRock Inc. raised its position in AVEO Pharmaceuticals by 3.3% during the fourth quarter. BlackRock Inc. now owns 7,357,716 shares of the biopharmaceutical company’s stock valued at $11,773,000 after purchasing an additional 236,822 shares in the last quarter. Bank of New York Mellon Corp raised its position in AVEO Pharmaceuticals by 28.0% during the fourth quarter. Bank of New York Mellon Corp now owns 423,673 shares of the biopharmaceutical company’s stock valued at $678,000 after purchasing an additional 92,663 shares in the last quarter. Finally, Northern Trust Corp raised its position in AVEO Pharmaceuticals by 3.0% during the fourth quarter. Northern Trust Corp now owns 1,175,604 shares of the biopharmaceutical company’s stock valued at $1,882,000 after purchasing an additional 34,164 shares in the last quarter. 28.32% of the stock is owned by institutional investors.

Shares of AVEO stock traded down $0.02 during trading hours on Monday, hitting $0.62. 1,830,900 shares of the company were exchanged, compared to its average volume of 4,965,863. The company’s fifty day moving average price is $0.70. The firm has a market cap of $100.30 million, a PE ratio of -3.26 and a beta of 0.89. AVEO Pharmaceuticals has a 52-week low of $0.49 and a 52-week high of $3.59.
AVEO Pharmaceuticals (NASDAQ:AVEO) last released its quarterly earnings data on Thursday, May 9th. The biopharmaceutical company reported ($0.06) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.05) by ($0.01). AVEO Pharmaceuticals had a negative return on equity of 24.50% and a net margin of 70.30%. The business had revenue of $1.61 million during the quarter, compared to the consensus estimate of $0.74 million. As a group, equities research analysts forecast that AVEO Pharmaceuticals will post -0.17 earnings per share for the current fiscal year.

About AVEO Pharmaceuticals

AVEO Pharmaceuticals, Inc, a biopharmaceutical company, develops and commercializes a portfolio of targeted medicines for oncology and other areas of unmet medical need. It markets its lead candidate, tivozanib, an oral, once-daily, vascular endothelial growth factor receptor tyrosine kinase inhibitor, which is used for the treatment of renal cell carcinoma (RCC).

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