Agios Pharmaceuticals initiated with a Buy at Truist

Truist initiated coverage of Agios Pharmaceuticals (AGIO) with a Buy rating and $32 price target The company’s Pyrukynd franchise is building towards blockbuster status – currently approved opportunity in pyruvate kinase deficiency, PKD, has the potential to expand into thalassemia as early as December of this year, and even sickle cell disease, SCD, next year, with AGIO leveraging strong data across indications for label expansion opportunity, the analyst tells investors in a research note. Truist adds that it expects meaningful value creation from a broad thalassemia label and a key topline SCD readout by year-end, further noting that with positive outcomes in PKD and thalassemia, it is positive on the stock’s reward/risk toward its $1.9B peak revenue estimate in 2034.