Here's Why AVEO Pharmaceuticals Dropped as Much as 16.3% Today

Here's Why AVEO Pharmaceuticals Dropped as Much as 16.3% Today

Shares of surprise biopharma AVEO Pharmaceuticals (NASDAQ: AVEO) dropped over 16% today on nearly twice the daily average trading volume without any major news story breaking. What's going on? Unfortunately, this is simply what stocks do. Sometimes they go up (a lot), sometimes they go down (a lot).

Of course, daily market movements caused by day traders reading technical charts shouldn't influence your opinion of the company. If you liked AVEO Pharmaceuticals yesterday or last week, then today's move shouldn't do anything to change your thinking. As of 3:31 p.m. EDT, the stock had settled to a 12.9% loss.

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Source: Fool.com