In the latest trading session, AVEO Pharmaceuticals (AVEO - Free Report) closed at $1.10, marking a +1.85% move from the previous day. This move outpaced the S&P 500's daily gain of 0.11%. Elsewhere, the Dow lost 0.32%, while the tech-heavy Nasdaq added 0.19%.
Coming into today, shares of the cancer drug company had gained 111.27% in the past month. In that same time, the Medical sector gained 1.2%, while the S&P 500 gained 3.84%.
Wall Street will be looking for positivity from AVEO as it approaches its next earnings report date. On that day, AVEO is projected to report earnings of -$0.05 per share, which would represent year-over-year growth of 37.5%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $0.74 million, down 28.16% from the year-ago period.
AVEO's full-year Zacks Consensus Estimates are calling for earnings of -$0.17 per share and revenue of $10.62 million. These results would represent year-over-year changes of +10.53% and +96.38%, respectively.
It is also important to note the recent changes to analyst estimates for AVEO. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection has moved 26.09% higher. AVEO is currently a Zacks Rank #2 (Buy).
The Medical - Biomedical and Genetics industry is part of the Medical sector. This group has a Zacks Industry Rank of 86, putting it in the top 34% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow AVEO in the coming trading sessions, be sure to utilize Zacks.com.