H.C. Wainwright cuts Agios target, says selloff overdone

H.C. Wainwright analyst Emily Bodnar lowered the firm’s price target on Agios Pharmaceuticals (AGIO) to $48 from $56 and keeps a Buy rating on the shares after the Phase 3 trial evaluating mitapivat in patients with sickle cell disease did not meet the primary endpoint. The firm is “cautiously optimistic” on FDA approval citing precedent with Oxbryta and no new safety concerns observed in the RISE UP trial. Today’s data “increase some uncertainty” over FDA approval but the stock selloff is overdone, the analyst tells investors in a research note.