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Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: AVEO Pharmaceuticals (Nasdaq: AVEO ) shares jumped as much as 20% this morning before going on a roller-coaster ride throughout the day.
So what: The stock bounced when RBC Capital Markets initiated coverage with an outperform rating and a $24 price target. The stock is relatively low volume and shares have returned to nearly flat as volume picked up later in the day.
Now what: Two analysts have initiated coverage over the past month and they are hardly in consensus. RBC Capital Markets has an outperform rating while MP Advisors has an underperform rating. With my skeptical view of analysts, and despite the $24 price target, I will wait for the company to show me positive results before jumping into shares.
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