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CAMBRIDGE, MA – Agios Pharmaceuticals, Inc. (NASDAQ:AGIO), a biopharmaceutical company focused on cellular metabolism to treat cancer and rare genetic diseases, announced the upcoming departure of a key board member.
The company, which maintains a robust market capitalization of $1.87 billion and earned $11.80 per share over the last twelve months, disclosed that David P. Schenkein, M.D., has informed the company of his intention to resign from the Board of Directors, effective February 28, 2025.
Dr. Schenkein’s decision to step down was disclosed in a recent 8-K filing with the U.S. Securities and Exchange Commission. He will also relinquish his role on the Science and Technology Committee of the Board at the same time.
However, Dr. Schenkein is not severing all ties with Agios Pharmaceuticals; he will continue to serve as a strategic advisor, focusing on the advancement of the company’s clinical development programs. According to InvestingPro, the company maintains a strong financial health score, with eight additional key insights available to subscribers.
The company has not yet announced a successor for Dr. Schenkein’s position on the board or the Science and Technology Committee. The filing did not disclose the reason for Dr. Schenkein’s resignation from the board.
Agios Pharmaceuticals, headquartered in Cambridge, Massachusetts, is known for its innovative approach in the field of pharmaceutical preparations. The company’s efforts are primarily directed towards developing treatments that target cellular metabolism.
In other recent news, Agios Pharmaceuticals has been making significant strides in its drug development and regulatory approval processes. The U.S. Food and Drug Administration (FDA) has accepted Agios’ supplemental New Drug Application (sNDA) for PYRUKYND® (mitapivat) as a potential treatment for adults with thalassemia, a rare blood disorder. Furthermore, the FDA has approved an update to the prescribing information for PYRUKYND, outlining new details on liver injury risks.
Simultaneously, Agios has secured orphan medicinal product designation from the European Commission for mitapivat for the treatment of sickle cell disease. This development mirrors a similar status awarded by the FDA in November 2020.
In the realm of market analysis, RBC Capital has increased its price target for Agios Pharma from $55 to $57, while maintaining an Outperform rating.
These developments underscore Agios’ commitment to providing transformative therapies for patients with rare diseases, and highlight the company’s recent progress in the pharmaceutical industry.
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