Leerink Partners Remains Sidelined on Agios Pharma (AGIO) - PT to $56

Leerink Partners maintained a Market Perform rating on Agios Pharma (NASDAQ: AGIO), and cut the price target to $56.00 (from $62.00), following the company's 4Q earnings call. AGIO provided a number of incremental pipeline updates. Leerink sees the announced AG-348 and AG-519 data at EHA in June and completion of enrollment on the two 125- patient expansion cohorts of AG-120 and AG-221 as the most impactful to investors.

Analyst Seamus Fernandez commented, "In a relatively uneventful 4Q15 EPS call, AGIO provided a number of incremental pipeline updates, of which we see the announced AG-348 and AG-519 (pyruvate kinase-R activators) data at EHA in June and completion of enrollment on the two 125- patient expansion cohorts of AG-120 and AG-221 (inhibitors of mutant isocitrate dehydrogenase 1 and 2, respectively) in R/R AML (relapsed refractory acute myelogenous leukemia) in 2H:16 as most impactful to investors. AGIO's spending rate and cash runway (guidance is through late 2017) may face increased investor attention going forward, although expected milestones from CELG (MP) should extend AGIO's runway somewhat. We are lowering our 12-month PT from $62 to $56/share based on increased near-term spending assumptions. Reiterate MP rating."

For an analyst ratings summary and ratings history on Agios Pharma click here. For more ratings news on Agios Pharma click here.

Shares of Agios Pharma closed at $37.15 yesterday.

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