Agios Pharmaceuticals Inc (NASDAQ: AGIO) announced the appointment of Ian Clark to its board of directors. Most recently, Mr. Clark served as the chief executive officer and member of the board of directors at Genentech.
“We are excited to welcome Ian to our board during an important time in Agios’ continued evolution,” said David Schenkein, M.D., chief executive officer of Agios. “Ian is a recognized leader in the biopharmaceutical industry whose extensive commercial and corporate strategy experience will be instrumental in 2017 and beyond as we execute on our vision of delivering new medicines to people with cancer and rare genetic disorders.”
Prior to his role of chief executive officer, Mr. Clark held executive management roles at Genentech, including head of global product strategy, chief marketing officer, senior vice president, general manager of biooncology and executive vice president for commercial operations. Prior to these roles, Mr. Clark served as general manager, Novartis Canada and chief operating officer for Novartis U.K. Before joining Novartis, Mr. Clark served in positions of increasing strategic importance in sales, marketing and business development at Ivax Pharma and Sanofi in the United Kingdom, France and Eastern Europe. He started his career at Searle (a subsidiary of Monsanto Corporation), holding positions in both sales and marketing. Mr. Clark serves as a member of the Economic Advisory Council at the Federal Reserve Bank of San Francisco, a member of the Executive Council at TechNet, a member of the Executive Committee at the Biotechnology Innovation Organization and an independent director of TerraVia Holdings. Mr. Clark received his B.S. in biological sciences from Southampton University in the United Kingdom.
“Agios is quickly becoming a commercial stage company and I am delighted to join the board of directors during this significant transition,” said Ian Clark. “I look forward to contributing to Agios’ future growth and success as the company executes several late stage development activities with the potential to change patients’ lives.”
Concurrent with the appointment of Mr. Clark, Douglas G. Cole, M.D., managing partner at Flagship Pioneering, has resigned from the company’s board of directors and the nominating and corporate governance committee of the board of directors, effective January 2, 2017. Dr. Cole has served as a member of the company’s board of directors since December 2007. (Original Source)
Shares of Agios Pharmaceuticals closed last Friday at $41.73. AGIO has a 1-year high of $67.74 and a 1-year low of $33.50. The stock’s 50-day moving average is $53.35 and its 200-day moving average is $47.79.
On the ratings front, Agios Pharmaceuticals has been the subject of a number of recent research reports. In a report issued on December 16, Canaccord Genuity analyst John Newman maintained a Buy rating on AGIO, with a price target of $90, which implies an upside of 116% from current levels. Separately, on the same day, Needham’s Chad Messer maintained a Buy rating on the stock and has a price target of $54.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, John Newman and Chad Messer have a yearly average loss of -15.0% and a return of 0.3% respectively. Newman has a success rate of 29% and is ranked #4254 out of 4345 analysts, while Messer has a success rate of 41% and is ranked #2426.
Sentiment on the street is mostly bullish on AGIO stock. Out of 6 analysts who cover the stock, 4 suggest a Buy rating and 2 recommend to Hold the stock. The 12-month average price target assigned to the stock is $58.50, which implies an upside of 40% 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.