BUZZ-J.P.Morgan cuts Agios PT after sickle cell drug setback

Reuters11-20
BUZZ-J.P.Morgan cuts Agios PT after sickle cell drug setback

** J.P.Morgan cuts PT on drugmaker Agios Pharmaceuticals AGIO.O to $20 from $37 after its sickle cell drug setback

** New PT represents 10% downside to stock's last close

** AGIO said on Wednesday its sickle cell disease drug, mitapivat, failed to show clear benefit in reducing painful crises, the debilitating pain episodes that are a hallmark of the condition, despite meeting its main target of improving blood levels in a late-stage trial

** Brokerage adjusts revenue estimates for mitapivat to $28mln/$74mln/$155mln for 2026-2028

** Have removed the "opportunity for mitapivat in SCD from our model" - brokerage

** Three of 8 brokerages rate the stock "buy" or higher, 4 "hold" and 1 "sell"; median PT is $32 - data compiled by LSEG

** Including session's moves, shares down ~29% YTD

(Reporting by Sahil Pandey in Bengaluru)

((Sahil.Pandey@thomsonreuters.com))

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