Agios Pharmaceuticals (AGIO) Upgraded After Mixed Sickle Cell Data and Pending Thalassemia Catalyst

Agios Pharmaceuticals, Inc. (NASDAQ:AGIO) ranks among the most oversold biotech stocks to invest in. On November 20, Leerink Partners upgraded Agios Pharmaceuticals, Inc. (NASDAQ:AGIO) from Market Perform to Outperform with a $34 price target. The rating upgrade comes despite Agios’ conflicting topline data for its Phase 3 RISE UP trial assessing mitapivat in sickle cell disease (SCD).

The trial reached its primary goal, with 40.6% of patients receiving mitapivat demonstrating a 1.0 g/dL or higher increase in hemoglobin levels, in comparison to 2.9% in the placebo group. The medication, however, did not significantly lower the annualized rate of sickle cell pain episodes.

That said, Leerink Partners sees the approaching thalassemia PDUFA date of December 7 as a near-term catalyst that is not reflected in current stock prices. The firm pointed out that this route might entail a commercialization partnership in important markets and possible approval for a wider audience compared to rival luspatercept.

Agios Pharmaceuticals, Inc. (NASDAQ:AGIO) is a commercial-stage biopharmaceutical company focused on therapies for rare diseases, particularly in cellular metabolism. Its flagship product, PYRUKYND (mitapivat), targets hemolytic anemias, including sickle cell disease and thalassemia.

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Disclosure: None. This article is originally published at Insider Monkey.