Agios Pharmaceuticals Inc (NASDAQ:AGIO), a leader in the fields of cancer metabolism and rare genetic metabolic disorders, announced that Andrew Hirsch is joining the company as chief financial officer, effective September 19, 2016. Mr. Hirsch has more than 20 years of experience in a range of strategic and operating roles in the biotechnology sector, most recently having served as president and chief executive officer of BIND Therapeutics.
“I am thrilled to welcome Andrew to the Agios team at this pivotal time as we advance programs across our IDH and PKR portfolios and get closer to making our first medicines available to patients,” said David Schenkein, M.D., chief executive officer at Agios. “Andrew’s leadership experience and work across a wide range of areas of the business will be instrumental as we build for the future and work to achieve our vision of building a sustainable multi-product biopharmaceutical company.”
Prior to being named president and chief executive officer at BIND, Mr. Hirsch held several other leadership positions at the company, including chief operating officer and chief financial officer. Prior to joining BIND, he was chief financial officer at Avila Therapeutics until its acquisition by Celgene and held roles of increasing responsibility during his nearly 10-year tenure at Biogen, including vice president of Corporate Strategy and M&A and program executive for the Tecfidera development team. He holds a Masters of Business Administration from the Tuck School at Dartmouth Collegeand a Bachelor of Arts in Economics from the University of Pennsylvania.
“I look forward to joining Agios at this exciting time and helping the team deliver on its vision for the future,” said Andrew Hirsch. “It’s rare to see the research and development productivity that Agios has delivered in such a short period of time and I am excited about the potential to advance those scientific breakthroughs to benefit patients.”
Glenn Goddard, senior vice president of finance, will be leaving the company at the end of September to pursue other opportunities. He will work closely with Andrew to ensure an orderly transition of finance activities.
“I want to sincerely thank Glenn for his many contributions as a key member of the Agios leadership team,” said David Schenkein, M.D., chief executive officer at Agios. “Glenn has helped lead the company from an early phase research organization through our initial public offering to now building late-stage development and commercial capabilities. His work has been essential to positioning us for future success and growth across the business.”(Original Source)
Shares of Agios closed yesterday at $41.63, up $1.21 or 2.99%. AGIO has a 1-year high of $99.46 and a 1-year low of $33.50. The stock’s 50-day moving average is $42.60 and its 200-day moving average is $44.61.
On the ratings front, Agios has been the subject of a number of recent research reports. In a report issued on August 4, Credit Suisse analyst Kennen MacKay maintained a Buy rating on AGIO, with a price target of $70, which represents a potential upside of 68.1% from where the stock is currently trading. Separately, on the same day, Canaccord Genuity’s John Newman reiterated a Buy rating on the stock and has a price target of $90.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Kennen MacKay and John Newman have a total average return of 9.7% and -11.3% respectively. MacKay has a success rate of 59.8% and is ranked #412 out of 4121 analysts, while Newman has a success rate of 35.9% and is ranked #4007.
The street is mostly Bullish on AGIO stock. Out of 7 analysts who cover the stock, 5 suggest a Buy rating and 2 recommend to Hold the stock. The 12-month average price target assigned to the stock is $57.33, which represents a potential upside of 37.7% from where the stock is currently trading.
Agios Pharmaceuticals, Inc. is a biopharmaceutical company which engages in applying scientific leadership in the field of cellular metabolism to transform the lives of patients with cancer and rare genetic disorders of metabolism. Its products include IDH1 AND IDH2, PKR, II D-2 hydroxyglutaric aciduria, AG-221 and AG-120.