RBC Capital analyst Gregory Renza raised the firm’s price target on Agios Pharmaceuticals (AGIO) to $53 from $44 and keeps an Outperform rating on the shares after the company announced a positive ENERGIZE-T topline update with primary endpoint and key secondary endpoints met. The firm anticipates Agios to proceed to FDA with a filing for broad approval in thalassemia regardless of the transfusion dependence status with the strength of mitapivat in thalassemia “fully confirmed,” adding that it views the news as “a meaningful milestone to the drug’s potential clinical entrenchment in hemoglobinopathies.” The firm updated its model to reflect improved odds of success at 60%, up from 45%, while also citing the inclusion of the recent Royalty Pharma (RPRX) deal for its increased price target.
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