H.C. Wainwright cuts Agios target on smaller market post Novo data

H.C. Wainwright analyst Emily Bodnar lowered the firm’s price target on Agios Pharmaceuticals (AGIO) to $50 from $65 and keeps a Buy rating on the shares. Novo Nordisk’s (NVO) Phase 3 HIBISCUS trial hits both co-primary endpoints, which should ensure success in sickle cell disease, the analyst tells investors in a research note. Given that Novo’s etavopivat hit on both endpoints, is administered once daily versus Agios’ mitapivat twice-daily, and the company markets several drugs for reducing bleeding episodes in hemophilia A or B, H.C. Wainwright believes it could capture significantly more market share than Agios’ mitapivat. It believes the HIBISCUS data will likely lower the market potential for mitapivat.