Needham & Company Starts Agios Pharma (AGIO) at Buy
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Needham & Company initiates coverage on Agios Pharma (NASDAQ: AGIO) with a Buy rating and a price target of $60.00.
Analyst Chad Messer commented, "Agios develops novel therapies to correct errors in cellular metabolism that occur in cancer and rare genetic disorders. The company is running clinical programs in two major areas: 1) isocitrate dehydrogenase (IDH) inhibition in oncology; and 2) pyruvate kinase (PK) activation for an orphan metabolic disorder. Both programs have demonstrated clinical proof of concept, and two mutant IDH inhibitors (AG-221 and AG-120) are on the verge of entering pivotal studies in record time. We believe targeting mutant IDH represents a fundamentally different mechanistic approach to fighting cancer. The company also has a high-profile partnership with Celgene, providing financial resources and validation."
Shares of Agios Pharma closed at $49.12 yesterday.
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