Agios Pharma (AGIO) stock plummeted on Wednesday after the biopharmaceutical company announced the results of a Phase 3 RISE UP clinical trial. This study covered mitapivat as a treatment for sickle cell disease, an inherited blood disorder where red blood cells become stiff and C-shaped, thus the name, instead of the normal round shape. This is an issue because it can cause the blood cells to get stuck and block blood flow.
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The results from the clinical trial included data on various primary endpoints, such as hemoglobin response and annualized rate of sickle cell pain crises (SCPCs). For that first point, mitapivat showed statistical significance in hemoglobin response. However, it didn’t meet the annualized rate of SCPCs endpoint despite a positive trend.
Biree Andemariam, one of the RISE UP trial investigators, said, “The data from RISE UP demonstrate that treatment with mitapivat significantly improved hemoglobin concentration and reduced hemolysis. We also see that patients who achieved the threshold of hemoglobin response also experienced clinically meaningful benefits in the rate of sickle cell pain crises and hospital visits for those events, as well as in fatigue. These strong results, coupled with a favorable safety profile, support the potential of mitapivat as a novel treatment option for patients with sickle cell disease.”
Agios Pharma Stock Movement Today
Agios Pharma stock was down 28.27% on Wednesday, extending a 28.27% year-to-date drop. The shares have also decreased 16.72% over the past 12 months.
News of the mixed clinical trial results brought with it heavy trading of AGIO stock. This saw more than 3.9 million shares change hands as of this writing, compared to a three-month daily average trading volume of about 576,000 units.
Is Agios Pharma Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus rating for Agios Pharma is Moderate Buy, based on four Buy and two Hold ratings over the past three months. With that comes an average AGIO stock price target of $49.20, representing a potential 108.21% upside for the shares.
