Leerink Partners Assumes OncoMed Pharmaceuticals (OMED) at Market Perform

October 10, 2016 7:08 AM EDT
Get Alerts OMED Hot Sheet
Price: $7.69 -0.65%

Rating Summary:
    8 Buy, 1 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 23 | Down: 34 | New: 34
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Leerink Partners assumes coverage on OncoMed Pharmaceuticals (NASDAQ: OMED) with a Market Perform rating and a price target of $13.00.

Analyst Michael Schmidt commented, "OMED presented encouraging Phase Ib updates on ipafricept and vantictumab in combination with Gem/Abraxane in pancreatic cancer at ESMO this weekend, which warrant further evaluation in this indication according to the poster discussant. Recall, both programs are part of a collaboration with Bayer, and opt-in decisions for each program are possible in 1H17. Near term, we expect investors to remain focused on results of the randomized-controlled Phase II PINNACLE trial of Notch inhibitor tarextumab in small-cell lung cancer (SCLC) in late '16/early '17, as well as randomized-controlled Phase II demcizumab "YOSEMITE" Ph II results in pancreatic cancer in 1H17. Longer term, we expect OMED's deep innovative antibody pipeline addressing cancer stem cell (CSC) and immuno-oncology targets to offer multiple shots on goal with upside potential. Assuming coverage with a Market Perform rating and a $13 price target."

For an analyst ratings summary and ratings history on OncoMed Pharmaceuticals click here. For more ratings news on OncoMed Pharmaceuticals click here.

Shares of OncoMed Pharmaceuticals closed at $11.34 yesterday.

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