RBC downgrades Agios to Sector Perform after mitapivat ‘falls short’

As previously reported, RBC Capital analyst Luca Issi downgraded Agios Pharmaceuticals (AGIO) to Sector Perform from Outperform with a price target of $28, down from $57, after the company reported top-line data for mitapivat in sickle cell disease. While the drug is “clearly active,” it “fell short on the most important endpoints for patients,” including crisis, hospitalization and fatigue, the analyst tells investors. The firm’s reduced estimates reflect lower odds of success for SCD and lower uptake if approved, the analyst noted.