J.P. Morgan Ups PT On AVEO To $25

J.P. Morgan, citing its portfolio analysis along with “Biotech Week” findings, has raised its price target on AVEO Pharmaceuticals AVEO from $22 to $25 and is reiterating its Overweight rating on the stock. Says J.P. Morgan, in the report, “[The price target adjustment] is based on increasing conviction in tivozanib's probability of success in ongoing phase 3 trials in renal cell carcinoma (RCC) from several recent events including 1) a delay in the timing of phase 3 TIVO-1 data (implies that tivozanib may be performing better than expected), 2) a recent DSMB safety review (indicates no safety concerns thus far in the ongoing trial), and 3) phase 3 data for Pfizer's axitinib (didn't raise the competitive bar). Give this view, we are modestly increasing our tivozanib sales estimates and raising our YE11 price target.” AVEO closed at $19.12 yesterday.