Agios Pharmaceuticals reinstated with a Neutral at JPMorgan

JPMorgan analyst Tessa Romero reinstated coverage of Agios Pharmaceuticals with a Neutral rating and $46 price target, up from $30, following a period of restriction. The analyst spoke with four physicians following the latest phase 3 ENERGIZE and ENERGIZE-T results in thalassemia. The analyst’s takeaways related to the clinical profile of mitapivat included the physicians being “generally pleased” to see the data in both patient populations, indicating that there will be “utility given the limited treatment options at this time,” but all four of the physicians also “seemed to have unanswered questions around how the drug performed in various populations given the clinical benefit could have variation since the severity of thalassemia exists on a spectrum/gradient.” JPMorgan believes the data will support the approval and uptake of mitapivat in thalassemia, although the firm is still considering how the data will “translate into a strong commercial launch.”