H.C. Wainwright Starts OncoMed Pharmaceuticals (OMED) at Buy
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H.C. Wainwright initiated coverage on OncoMed Pharmaceuticals (NASDAQ: OMED) with a Buy rating and a price target of $20. Analyst Shaunak Deepak thinks investors should buy ahead of possible partner opt-ins.
"We believe OncoMed is entering a year of dramatic changes with upcoming opt-in decisions for its lead drug candidates expected from ts three partners Celgene (CELG; not rated), Bayer (BAYN; not rated), and GlaxoSmithKline (GSK; not rated). In addition to near-term optin milestones that could reach $172M, we believe these partnerships could payoff with long-term benefits and free-up OncoMed’s resources to pursue new development activities," said Deepak.
Shares of OncoMed Pharmaceuticals closed at $11.87 yesterday.
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