Agios Pharmaceuticals (NASDAQ:AGIO) Given New $40.00 Price Target at Bank of America

Key Points

• Bank of America cut its price target on Agios Pharmaceuticals from $41 to $40, while keeping a buy rating. The new target still implies about 34% upside from the stock’s current price.
• Agios reported better-than-expected quarterly results, with earnings per share of -$1.69 versus estimates of -$1.81 and revenue of $20.75 million, well above expectations. Revenue also jumped 137.7% year over year.
• The stock fell 1.9% to $29.84 on Friday, and analysts currently show a mixed view overall: the consensus rating is Hold with an average target price of $41.44. Insider sales were also disclosed over the past 90 days.

Agios Pharmaceuticals (NASDAQ:AGIO - Get Free Report) had its price objective reduced by analysts at Bank of America from $41.00 to $40.00 in a research note issued on Friday,Benzinga reports. The firm presently has a "buy" rating on the biopharmaceutical company's stock. Bank of America's target price suggests a potential upside of 34.05% from the stock's current price.

AGIO has been the topic of several other reports. Wall Street Zen raised shares of Agios Pharmaceuticals from a "sell" rating to a "hold" rating in a research report on Sunday, March 22nd. Citigroup upped their price objective on shares of Agios Pharmaceuticals from $38.00 to $46.00 and gave the company a "buy" rating in a research note on Thursday, March 5th. The Goldman Sachs Group upped their price objective on shares of Agios Pharmaceuticals from $28.00 to $32.00 and gave the company a "neutral" rating in a research note on Wednesday, April 1st. JPMorgan Chase & Co. upped their price objective on shares of Agios Pharmaceuticals from $31.00 to $36.00 and gave the company a "neutral" rating in a research note on Monday, April 6th. Finally, HC Wainwright reduced their price objective on shares of Agios Pharmaceuticals from $65.00 to $50.00 and set a "buy" rating for the company in a research note on Monday, April 20th. Six equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $41.44.

Agios Pharmaceuticals Trading Down 1.9%

AGIO stock traded down $0.58 during trading on Friday, reaching $29.84. 725,750 shares of the stock were exchanged, compared to its average volume of 991,373. Agios Pharmaceuticals has a 1 year low of $22.24 and a 1 year high of $46.00. The firm has a market capitalization of $1.77 billion, a price-to-earnings ratio of -4.12 and a beta of 0.58. The business has a 50 day moving average price of $29.65 and a 200-day moving average price of $29.16.

Agios Pharmaceuticals (NASDAQ:AGIO - Get Free Report) last announced its quarterly earnings results on Wednesday, April 29th. The biopharmaceutical company reported ($1.69) earnings per share for the quarter, beating analysts' consensus estimates of ($1.81) by $0.12. Agios Pharmaceuticals had a negative net margin of 639.84% and a negative return on equity of 34.11%. The business had revenue of $20.75 million during the quarter, compared to analysts' expectations of $13.30 million. Agios Pharmaceuticals's quarterly revenue was up 137.7% on a year-over-year basis. On average, research analysts anticipate that Agios Pharmaceuticals will post -6.17 EPS for the current year.

Insider Buying and Selling

In other news, insider Krishnan Viswanadhan sold 2,959 shares of the company's stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $27.80, for a total value of $82,260.20. Following the transaction, the insider owned 5,141 shares in the company, valued at $142,919.80. This represents a 36.53% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Sarah Gheuens sold 2,940 shares of the company's stock in a transaction dated Thursday, April 2nd. The shares were sold at an average price of $34.71, for a total value of $102,047.40. Following the completion of the transaction, the insider owned 80,277 shares in the company, valued at $2,786,414.67. This represents a 3.53% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 15,582 shares of company stock worth $520,405 over the last ninety days. 5.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Agios Pharmaceuticals

Hedge funds have recently added to or reduced their stakes in the company. T. Rowe Price Investment Management Inc. acquired a new position in Agios Pharmaceuticals in the fourth quarter worth approximately $25,000. Assetmark Inc. increased its holdings in Agios Pharmaceuticals by 37.9% in the fourth quarter. Assetmark Inc. now owns 1,317 shares of the biopharmaceutical company's stock worth $36,000 after buying an additional 362 shares during the last quarter. NewEdge Advisors LLC acquired a new position in Agios Pharmaceuticals in the first quarter worth approximately $40,000. Caitong International Asset Management Co. Ltd acquired a new position in Agios Pharmaceuticals in the fourth quarter worth approximately $49,000. Finally, Eurizon Capital SGR S.p.A. acquired a new position in Agios Pharmaceuticals in the fourth quarter worth approximately $72,000.

Agios Pharmaceuticals Company Profile

Agios Pharmaceuticals, Inc is a biopharmaceutical company founded in 2008 as a spin-out from research at Dana-Farber Cancer Institute and the Broad Institute. Headquartered in Cambridge, Massachusetts, Agios focuses on understanding and targeting cellular metabolism to develop novel therapies for cancer and rare genetic diseases. The company's scientific platform integrates genomic discovery, metabolic profiling and precision medicine approaches to identify and advance small-molecule candidates that correct or exploit metabolic dysfunction.

Agios's lead products are IDH (isocitrate dehydrogenase) inhibitors that target specific cancer mutations.

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