Piper Jaffray analyst Edward Tenthoff kept his Overweight rating and $5 price target on Aveo Pharmaceuticals after its announcement this evening that the phase 3 TIVO-3 trial of tivozanib vs. Nexavar in 3rd line renal cell carcinoma met its primary endpoint target. The analyst expects the company to file a New Drug Application for tivozanib in the next 6 months, and after its expected approval, he estimates that the initial 2020 sales will be around $27M before reaching about $189M in 2025. Tenthoff adds that based on the data, there is further opportunity for tivozanib use in compbination with Opdivo.