UPDATE: Piper Jaffray Initiates OncoMed Pharmaceuticals at Overweight on Emerging Cancer Antibody Play

In a report published Monday, Piper Jaffray analyst Edward A. Tenthoff initiated coverage on OncoMed Pharmaceuticals OMED with an Overweight rating and $30.00 price target.

In the report, Piper Jaffray noted, “OncoMed is developing therapeutic antibodies that target pathways essential to cancer stem cells (CSCs). While perhaps not the most precise term, think of CSCs as the seed cells that enable a tumor to regrow after initial response to radiation or chemotherapy. OncoMed is the premier CSC play with industry leading discovery efforts, intellectual property, partnerships and a rich pipeline with five novel cancer antibodies in the clinic. We look for clinical data, pipeline progress, IND filings and new partnerships to drive value at OncoMed. In July, OncoMed successfully completed an IPO, bringing pro forma cash to ~$147 million. We are initiating coverage of OncoMed with an Overweight rating and $30 price target.”

OncoMed Pharmaceuticals closed on Friday at $19.84.