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Aveo Pharmaceuticals Fell 17.09% Yesterday

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Apr. 4 2019, Published 8:36 a.m. ET

Share price movements

Yesterday, Aveo Pharmaceuticals (AVEO) closed at $1.31, ~17.09% lower than its previous closing price, 167.02% higher than its 52-week low of $0.49, and 63.51% lower than its 52-week high of $3.59. At the end of April 3, the company had a market cap of $154.16 million. Aveo Pharmaceuticals is a microcap stock and could prove risky for retail investors compared to large-cap stocks or the broader market.

Yesterday, Aveo Pharmaceuticals issued a press release announcing the commencement of the underwritten public offering of its common shares and warrants. The expected equity dilution led to a decline in the company’s share price.

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On April 2, the company issued a press release announcing positive results from its Phase 1b trial evaluating the combination of ficlatuzumab and cytarabine in relapsed and refractory acute myeloid leukemia indications. After the release, the company’s share price jumped 42.34% and closed at $1.58.

Based on its closing price on April 3, Aveo Pharmaceuticals has reported returns of 57.89% in the last week, 139.93% in the last month, and -28.42% in the last quarter. The company has reported returns of -55.89% in the last half year, -49.81% in the last year, and -18.13% year-to-date.

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Analysts’ recommendations and target price

Analysts expect a potential upside of 33.59% for Aveo Pharmaceuticals based on the company’s closing price on April 3. Analysts drastically reduced their consensus target price on the stock from $5.67 in January to $1.75 in February, March, and April. The current consensus analyst recommendation for the stock is a “buy.”

Of the five analysts covering Aveo Pharmaceuticals, one is recommending a “strong buy,” one is recommending a “buy,” and the remaining three are recommending “holds.” The highest and lowest target price estimates for the company are $3 and $1, respectively.

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