Oppenheimer downgraded Agios Pharma (NASDAQ: AGIO) from Outperform to Perform.

Analyst Leah Rush Cann commented, "Agios Pharmaceuticals is a very high quality development-stage biotechnology company with an exceptional management team. Agios launched its recently approved, IDHIFA (enasidenib/AG-221), in partnership with Celgene Corporation in Q3 2017 and its second drug, ivosidenib (AG-120), is expected to launch in 2018. While Agios' programs are moving forward rapidly, meeting or exceeding expectations, we believe the stock now trades in line with our valuation. This is the combined result of a successful capital raise that resulted in approximately 17% dilution, and a substantial increase in valuation over the past 12 months. As a result, we are changing our rating to Perform from Outperform and rescinding our PT."

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Shares of Agios Pharma closed at $76.53 yesterday.