Here's Why AVEO Oncology Rose as Much as 15% Today

Here's Why AVEO Oncology Rose as Much as 15% Today

Shares of biopharma AVEO Oncology (NASDAQ: AVEO) rose up to 15% this morning as the nearly monthlong momentum continued to keep the roller-coaster ride going. While there has been a steady undercurrent of automatically generated articles in recent weeks, several articles today -- even some written by humans -- have summarized moves into the stock made by various investment funds during the first quarter of 2017. 

As of 12:50 p.m. EDT, the stock had settled to a 9.7% gain.

While it's impressive to see that any investment funds bet on AVEO Oncology stock in the first quarter given the long odds of success at the time, the newsworthiness is the same as the holdings themselves: insignificant. There aren't any big names among the funds that would be recognizable to individual investors. Most funds mentioned own a relatively small amount of shares. One fund -- Deer VI & Co. -- owns only one stock: AVEO Oncology. Two others reported combined holdings of 7.8 million shares at the end of the first quarter of 2017, but that still only amounts to less than 7% of the total outstanding share count. 

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Source: Fool.com