Agios Pharmaceuticals price target lowered to $56 from $61 at H.C. Wainwright

H.C. Wainwright lowered the firm’s price target on Agios Pharmaceuticals (AGIO) to $56 from $61 and keeps a Buy rating on the shares. The company’s newly established European partner Avanzanite announced the signing of a commercial and distribution agreement between the companies for Pyrukynd in Europe, Switzerland, and the United Kingdom, the analyst tells investors in a research note. The firm says that while specific details regarding the deal’s capital structure were not disclosed, the companies noted that the partnership is a revenue share agreement, similar to Agios’ gulf coast region partnership with Newbridge, and will include current as well as future indications for Pyrukynd. H.C. Wainwright is now not modeling any milestone or royalty payments based on the agreement.