Agios Pharma (AGIO) PT Lowered to $56 at H.C. Wainwright

H.C. Wainwright analyst Emily Bodnar lowered the price target on Agios Pharma (NASDAQ: AGIO) to $56.00 (from $61.00) while maintaining a Buy rating.

The analyst commented: "This morning, Agios' newly established European partner Avanzanite (private) announced the signing of a commercial and distribution agreement between the companies for Pyrukynd in Europe, Switzerland, and the United Kingdom. While specific details regarding the deal's capital structure were not disclosed, the companies noted that the partnership is a revenue share agreement, similar to Agios' gulf coast region partnership with Newbridge (private), and will include current as well as future indications for Pyrukynd. We are not surprised by the announcement as the company has emphasized its focus on U.S. launches and has established partnerships for other regions already. Pyrukynd (mitapivat) is currently approved by the EMA to treat adults with pyruvate kinase deficiency (PKD) with a PDUFA target date in the US for thalassemia set for September 7, 2025. Given the strong data observed in all types of thalassemia and no adcom planned to date, we remain confident that mitapivat will successfully gain FDA approval and believe that this will likely translate to EMA approval in 2026. Additionally, mitapivat's Phase 2 RISE UP data have shown encouraging, potentially best-in-class, efficacy in sickle cell disease (SCD) with potential for success on both endpoints of Hb improvement and VOC reductions in Phase 3 with topline data expected in late 2025. We currently estimate European approval of mitapivat in SCD in 2027. While the companies did not disclose specific numbers pertaining to the revenue share component, it was noted that the split would favor Avanzanite up to an unspecified sales threshold prior to switching to favor Agios for the remainder of the agreement's duration. Reiterate Buy rating while adjusting PT to $56 from $61."

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