AVEO Pharmaceuticals, Inc. (NASDAQ: AVEO)
AVEO Pharmaceuticals stock has had a great time in the market recently. Over the past three months, the stock has grown astronomically; with the increases continuing through this week. Yesterday, we saw another decent jump as the company announced a new CFO. So today, we’ll talk about the new CFO, the rise we saw in the market yesterday, what we’ve seen today, and what we can expect to see moving forward.
AVEO Appoints New CFO
Yesterday, AVEO announced that they have appointed a new CFO by the name of Keith S. Ehrlich. Moving forward Ehrlich will be responsible for the company’s financial and administrative strategy and management. He will also serve on the executive leadership team; governing corporate strategy. Here’s what CEO Michael Bailey had to say about the new CFO…
“Keith is a seasoned executive with deep experience in developing and executing financial and corporate strategy for biotechnology companies at various stages of growth…We look forward to his contributions at AVEO as we seek to continue leveraging biomarker strategies and partnership opportunities to advance our pipeline of drug candidates.”
How AVEO Reacted In The Market
Following the appointment of Mr. Ehrlich as CFO for AVEO, investors showed their approval by pushing the stock value higher. However, the story is quite a bit different today…
What We’re Seeing From AVEO Today
In early trading this morning, we saw what looked to be the beginning of a correction in the stock as the price fell at a fast pace. However, since the decline, we’ve seen pretty strong upward movement. After making it back to the green around 2:05, we started to see more downward movement. Currently (2:34), AVEO is trading at $1.99 per share after a loss of 2.52% so far today.
What We Can Expect From AVEO Moving Forward
Moving forward, I’m expecting to see more strong upward movement in both the short term and the long term outlook. The news of the new CFO is great news and investors obviously think the company made a good choice. Beyond that, we’re seeing great things from the company. Just in case you are unaware, AVEO Pharmaceuticals specializes in cancer treatments; one of which is currently is Phase 3 of the FDA approval process and a partnership with Merck & Co. (NYSE: MRK) in one that’s in the second phase. All in all, we’re gearing up for a treatment launch relatively soon and I think we’ll see massive growth from this one in the long run.
What Do You Think?
Where do you think AVEO is headed and why? Let us know in the comments below.