Agios could come under pressure off Novo Nordisk headline, says Truist

Truist analyst Gregory Renza notes Novo Nordisk (NVO) reported topline data for the Phase 3 HIBISCUS study of etavopivat in sickle cell disease, meeting both co-primary endpoints. While the firm thinks Agios Pharmaceuticals (AGIO) could come under pressure off the headline and the competitor update is “another threat” to shares potentially climbing back to the $40 per share levels, it also believes “the majority of the impact of the mix data has been baked into the stock at this point.” The firm comes away from Novo’s data still seeing a place for mitapivat in SCD and an opportunity for Agios to leverage growing infrastructure and trust among the hemetology disease community, adds the analyst, who maintains a Buy rating and $39 price target on Agios shares.