UPDATE: Jefferies Initiates Coverage on OncoMed Pharmaceuticals with Buy Rating, $27 PT on Market Leader Position

In a report published Monday, Jefferies analyst Thomas Wei initiated coverage on OncoMed Pharmaceuticals OMED with a Buy rating and $27.00 price target. In the report, Jefferies noted, “We are initiating coverage on OMED with a Buy rating and a $27 price target. OMED is a leader in the science behind cancer stem cells, which are thought to drive progression and metastases, and has generated five clinical stage candidates in Phase 1 trials using its platform, creating multiple opportunities for success in major solid tumors and hematologic malignancies. In July, Jefferies acted as lead bookrunner in the initial public offering of OMED common shares.” OncoMed Pharmaceuticals closed on Friday at $19.84.