AVEO Pharmaceuticals, Inc. (AVEO)

[sunspotter]

"AVEO is no penny stock."

Oh yes it is:

"In the past, penny stocks were stocks that traded for less than a dollar per share. The SEC, however, has modified the definition to include all shares trading below $5."

http://www.investopedia.com/terms/p/pennystock.asp#ixzz4TOlG5Qdp

"There is over 30% institutional ownership in this company which refutes the basic notion of what you're saying"

In reality, of course, most institutions have rules that forbid them from buying penny stocks like AVEO for their own investments. Their clients might not be quite so smart, however.