Agios Pharmaceuticals initiated with an Overweight at Piper Sandler

Piper Sandler analyst Christopher Raymond initiated coverage of Agios Pharmaceuticals with an Overweight rating and $41 price target. The analyst believes the company’s lead asset, Pyrukynd, has novel mechanism of action to address hemolytic anemia in several rare diseases. While already approved in an ultra-rare disease, PK deficiency in adults, the real value drivers for Agios will be approval in larger indications including the entire thalassemia spectrum and sickle cell disease, the analyst tells investors in a research note.