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Agios Pharmaceuticals Inc (NASDAQ: AGIO) presented the Phase 2a data for AG-348 at the EHA in Copenhagen. The data demonstrates a significant increase in hemoglobin levels, establishing proof of concept.
Canaccord Genuity’s John Newman upgraded the rating on the company from Hold to Buy, while raising the price target from $50 to $90.
Phase 2a Results
“Although only 3 patients reached 6 months dosing, Hb improvements persisted, suggesting the effect of AG-348 is not transient,” Newman mentioned.
The drug proved more active in non-missense mutations, showing significant clinical benefit in nine of 12 patients.
“Importantly, missense mutations make up about 50 percent of the overall population of PKD, still a meaningful market opportunity. We suspect Agios may focus on this group going forward,” Newman noted.
In addition, there were no signs of decrease in 2,3-DPG levels or increase in ATP levels with AG-348 on PKD patients.
The analyst also pointed out that Agios Pharma completed an additional dose cohort, which did not show any thrombocytopenia.
“We believe Agios may shift development to AG-519 in order to mitigate the aromatase inhibition seen for AG-348,” Newman stated.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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