Cambridge, MA-based AVEO Pharmaceuticals, Inc. (AVEO - Free Report) is a biopharmaceutical company that focuses on the development of treatments targeting cancer using its proprietary human response platform.
n August 2017, AVEO and its partner EUSA Pharma received approval from the European Commission for its VEGF tyrosine kinase inhibitor, Fotivda (tivozanib) for the first-line treatment of advanced RCC.
The drug is currently being evaluated in a couple of studies for the third-line treatment of RCC and advanced RCC. Data from the studies will support regulatory approval of Fotivda in the United States. AVEO acquired the exclusive rights to develop and commercialize tivozanib in all countries outside Asia and the Middle East under a license from Kyowa Hakko Kirin in 2006.
AVEO’s track record has been quite impressive with the company beating expectations in three of the past four quarters and missing in the other. Overall, the company has posted an average positive surprise of 16.37%.
Currently, AVEO has a Zacks Rank #3 (Hold), but that could definitely change following the company’s earnings report which was just released. We have highlighted some of the key stats from this just-revealed announcement below:
Earnings: AVEO posted wider-than-expected loss in the fourth quarter of 2017. Our consensus called for a loss of 2 cents per share, and the company reported a loss of 8 cents per share. Loss in the quarter is also wider than year ago figure of 7 cents.
Revenues: AVEO posted revenues of $0.08 million compared with the Zacks Consensus Estimate of $1 million. The top line missed expectations for the quarter. Revenues were also lower than year ago figure of $0.1 million.
Key Stats: R&D expenses decreased 26% from the year-ago level to $5.7 million. Selling, general and administrative (SG&A) expenses were up 26.3% to $2.4 million in the fourth quarter of 2017.
Share Price Impact: Shares are down almost 2% in pre-market trading.
Check back later for our full write up on AVEO earnings report later!
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