Epizyme Inc (NASDAQ:EPZM) stock underwent a rollercoaster ride on Wednesday, eventually finishing positive at $12.35, nearly 11% increase. The stock opened sideways, but jumped about 19% to hit an intra-day high of $13.30, after which it started to descend.
The reason? The biopharmaceutical announced interim efficacy data from its ongoing phase II clinical trial of Tazemetostat, as a single-agent treatment for relapsed or refractory patients with follicular lymphoma (FL) or diffuse large B-cell lymphoma (DLBCL) grouped by EZH2 mutational status. The data were presented today during a plenary session at the International Conference on Malignant Lymphoma (ICML).
Oppenheimer analyst Leah R. Cann commented, “These data are very encouraging and support our expectation that Epizyme could launch Tazemetostat in 2018. In addition, these results support a rapid adoption once launched […] Our outlook for Epizyme in 2017 2022 remains unchanged and we continue to expect Tazemetostat to launch in 2018.”
As such, Cann reiterates an Outperform rating on Epizyme shares, with a price target of $26, which represents a potential upside of 111% from where the stock is currently trading.
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Leah R. Cann has a yearly average return of 4% and a 58% success rate. Cann has a -22.5% average return when recommending EPZM, and is ranked #1688 out of 4578 analysts.
As of this writing, all the 8 analysts polled by TipRanks (in the past 12 months) rate Epizyme stock a Buy. With a return potential of 109%, the stock’s consensus target price stands at $25.86.