Goldman Sachs Downgrades Agios Pharma (AGIO) to Sell
- Wall Street rally fizzles out as Evergrande worries persist; Nike drops
- Over $100 Billion Wiped Off: Bitcoin (BTC) Price Falls As China's Central Bank Vows to Ban Cryptocurrency Trading
- Nike (NKE) Stock Falls On a Revenue Miss and Slashed FY Sales Outlook, Analysts Bullish Despite NT Supply Chain Challenges
- Oil heads for third week of gains as supply tightens
- Here's Why Meredith (MDP) Stock Price Soared 18% in After Hours
Get inside Wall Street with StreetInsider Premium. Claim your 1-week free trial here.
Goldman Sachs analyst Salveen Richter downgraded Agios Pharma (NASDAQ: AGIO) from Neutral to Sell with a price target of $39.00 (from $58.00).
The analyst comments "We downgrade AGIO from Neutral to Sell and lower our 12-month PT to $39 from $58. AGIO's late-stage clinical pipeline is centered on a single asset, mitapivat, a small molecule activator of pyruvate kinase R (PKR) that is awaiting approval (we anticipate a 2022 launch) in the lead indication of pyruvate kinase deficiency – informed by KOL diligence, we reduce our revenue projections on concerns around patient identification, market size and uptake. We also question the follow-on opportunity in sickle cell disease (SCD), given the evolving competitive landscape/current launches. Further, we see a lack of meaningful near-term, value driving catalysts. We do not view AGIO’s strategic decision to engage in share buybacks rather than pursue novel R&D or BD following the sale of the oncology business to Servier as constructive."
Shares of Agios Pharma closed at $49.84 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Oppenheimer Downgrades Cloudflare Inc. (NET) to Perform on Competition, Valuation, Comps
- Bloomberry Resorts Corporation (BLOOM:PM) (BLBRF) PT Lowered to PHP7.20 at CLSA
- Eargo (EAR) Stock is Down 56% in After Hours. Here's Why
Create E-mail Alert Related CategoriesAnalyst Comments, Downgrades, Hot Comments, Hot Downgrades
Related EntitiesGoldman Sachs
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!