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Tuesday, H.C. Wainwright adjusted the price target for Agios Pharma (NASDAQ:AGIO) shares to $56.00, decreasing from the previous target of $61.00. Despite the reduction, the firm maintained a Buy rating on the stock. The price target adjustment follows the announcement of a commercial and distribution agreement between Agios Pharma and its European partner Avanzanite for the drug Pyrukynd in Europe, Switzerland, and the United Kingdom (TADAWUL:4280).
The partnership between Agios Pharma and Avanzanite is structured as a revenue share agreement, which is similar to Agios’ existing arrangement with Newbridge for the gulf coast region. The agreement covers both current and future indications for Pyrukynd, a treatment for pyruvate kinase deficiency (PKD) in adults, which is already approved by the European Medicines Agency (EMA). With a strong balance sheet showing more cash than debt and a healthy current ratio of 18.5x, Agios Pharma is well-positioned to support its commercialization efforts. The company is anticipating a Prescription Drug User Fee Act (PDUFA) target date for Pyrukynd in the United States for the treatment of thalassemia on September 7, 2025.
H.C. Wainwright’s analyst expressed confidence in the potential FDA approval of Pyrukynd for thalassemia, anticipating that EMA approval could follow in 2026. The analyst also highlighted the encouraging Phase 2 RISE UP data for Pyrukynd’s efficacy in treating sickle cell disease (SCD), with expectations for European approval in 2027. The Phase 3 study for SCD is expected to deliver topline data towards the end of 2025.
The revenue share agreement’s specific financial details were not disclosed, but it was mentioned that the initial terms would be more favorable to Avanzanite until a certain sales threshold is reached, after which Agios Pharma would receive a more favorable share. Despite the new partnership and the lowered price target, H.C. Wainwright reiterated their Buy rating, adjusting the price target to reflect the recent developments.
In other recent news, Agios Pharmaceuticals reported better-than-expected earnings per share for the first quarter of 2025, although revenue fell short of forecasts. The company’s EPS stood at -1.55, surpassing the anticipated -1.78, while revenue reached $8.7 million, missing the $9.97 million forecast. Agios has entered into an exclusive agreement with Avanzanite Bioscience to commercialize and distribute PYRUKYND® in Europe, a move aimed at expanding the reach of its treatment for pyruvate kinase deficiency. This partnership is expected to enhance access to rare disease therapies across Europe, including the UK and Switzerland.
Cantor Fitzgerald maintained an Overweight rating on Agios, expressing confidence in the company’s sales targets for its thalassemia treatment. Analysts from Scotiabank (TSX:BNS) adjusted the price target for Agios to $71, down from $74, while keeping an Outperform rating, reflecting the latest quarterly financial results. Agios’s management highlighted the company’s focus on expanding the Pyrukynd franchise, particularly for thalassemia and sickle cell disease, with significant milestones expected in 2025.
The collaboration with Avanzanite is set to facilitate the distribution of PYRUKYND® across 32 European countries, including new markets like Italy and France. This development aligns with Agios’s strategic initiatives to broaden its market presence and strengthen its pipeline in rare disease treatments.
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