The company released a statement that "it is not aware of the reasons for the recent volatility in its stock price".
The stock seems to have periodical large drops in price, but so far it was able to recover from these price variations.
There is a huge list of insiders who purchased AVEO stock around $1.96 - $2.30 so they expect the stock will go up.
My concern is that when too many people expect to win, it doesn't usually go their way. But considering these people are insiders, maybe they know what they're doing.
We'll see the results in the future.
Two insiders made purchases in this penny stock (one director purchased over $1.2 million at $0.07 and the other director $30k at same price). Being a penny stock, it is inherently very risky.
I make this post just for long-term monitoring of my picks (I am not trading any of my ideas).