Piper Jaffray analyst Edward Tenthoff said that following the Phase 3 Fovista miss last month it is "not a surprise" that Ophthotech (OPHT) has terminated the tivozanib development agreement in Age-Related Macular Degeneration with AVEO Pharmaceuticals (AVEO). A CHMP approval decision for tivozanib is expected in the first half of this year, which could trigger a $4M milestone to AVEO, and The confirmatory Phase III TIVO-3 trial in 3rd-line RCC should report top-line data in 2018, noted Tenthoff, who keeps an Overweight rating and $1.75 price target on AVEO shares.