In the latest trading session, AVEO Pharmaceuticals (AVEO - Free Report) closed at $0.92, marking a -0.87% move from the previous day. This move lagged the S&P 500's daily loss of 0.22%. Elsewhere, the Dow lost 0.22%, while the tech-heavy Nasdaq lost 0.23%.
Coming into today, shares of the cancer drug company had gained 61.35% in the past month. In that same time, the Medical sector lost 5.31%, while the S&P 500 gained 4.87%.
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, our latest consensus estimate is calling for revenue of $0.74 million, down 28.16% from the prior-year quarter.
For the full year, our Zacks Consensus Estimates are projecting earnings of -$0.16 per share and revenue of $10.62 million, which would represent changes of +15.79% and +96.38%, respectively, from the prior year.
Investors should also note any recent changes to analyst estimates for AVEO. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about 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.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 7.35% higher within the past month. AVEO currently has a Zacks Rank of #2 (Buy).
The Medical - Biomedical and Genetics industry is part of the Medical sector. This group has a Zacks Industry Rank of 62, putting it in the top 25% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual 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.
You can find more information on all of these metrics, and much more, on Zacks.com.