Canaccord Sets Expectations On Agios Ahead Of ASH Annual Meeting
Canaccord analyst John Newman maintained a Buy rating on Agios Pharmaceuticals (NASDAQ:AGIO) with a price target of $111, as the company will present new data from its Phase 1 clinical trial for AG-221, a first-in-class IDH2 mutant inhibitor, at the American Society of Hematology (ASH) Annual Meeting and Exposition in San Francisco, December 6-9, 2014.
Newman noted, “Agios will present longer follow-up data and additional patients on AG-221, the company’s IDH2m inhibitor, which current holds an impressive ORR of 62.5%, with 25% CRs, 12.5% CRi/CRp, and a duration of as long as 4.5 months remission. Data on the sustained duration of response for AG-221 will be critical as most AML patients are not “fit” enough to go to transplant, relying on a therapy with a durable remission to prolong survival. We believe longer duration data, if positive, can continue to be a driver for the stock.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst John Newman has a total average return of -1.4% and a 63.0% success rate. Newman has a 1.4% average return when recommending AGIO, and is ranked #2640 out of 3393 analysts.