Stock Update (NASDAQ:AGIO): Agios Pharmaceuticals Inc Announces Proposed Offering of Common Stock
Agios Pharmaceuticals Inc (NASDAQ:AGIO) announced that it is offering to sell, subject to market and other conditions, up to $150 million of its common stock in an underwritten public offering. Agios also intends to grant the underwriters a 30-day option to purchase from it up to an additional $22.5 million of shares. All of the shares in the offering are to be sold by Agios. The proceeds of the offering are expected to be used to fund the company’s clinical and research development activities. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed. (Original Source)
Shares of Agios are currently falling nearly 4% to $44 in pre-market trading. 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 $41.40 and its 200-day moving average is $44.86.
On the ratings front, Agios has been the subject of a number of recent research reports. In a report issued on September 7, Cowen analyst Eric Schmidt reiterated a Buy rating on AGIO. 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, Eric Schmidt and John Newman have a total average return of 21% and -12.4% respectively. Schmidt has a success rate of 51% and is ranked #62 out of 4143 analysts, while Newman has a success rate of 33% and is ranked #4015.
The street is mostly Bullish on AGIO stock. Out of 5 analysts who cover the stock, 4 suggest a Buy rating and one recommends to Hold the stock. The 12-month average price target assigned to the stock is $70.00, which implies an upside of 54% from current levels.
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.