Is AVEO Pharmaceuticals (AVEO) Ready to Hit $30 After The Big News?

The AVEO Pharmaceuticals (NASDAQ: AVEO) stock was one of the more eye-catching gainers on Wednesday and this morning, the stock has continued in the same vein during premarket.

After having rallied by as much as 89% yesterday, the stock has already risen by 20% during premarket trading this morning as investors continued to pile onto the stock. The rally in the stock has been characterized by high trading volumes which comfortably surpassed the average daily trading volume in the AVEO stock.

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The rally in the stock has primarily been triggered by the fact that its RCC (relapsed/refractory advanced renal cell carcinoma) treatment product Fotivda got approval from the United States Food and Drug Administration. It goes without saying that the approval is a massive development for AVEO and the strong rally in the stock has not come as a complete surprise. However, it now remains to be seen if the AVEO stock can continue to add to its gains today or not.

Jack Dawkins

Finance and Tech Contributor