Agios Pharmaceuticals (NASDAQ:AGIO) Shares Gap Down on Disappointing Earnings

Agios Pharmaceuticals, Inc. (NASDAQ:AGIO)’s stock price gapped down before the market opened on Thursday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $35.01, but opened at $29.48. Agios Pharmaceuticals shares last traded at $31.7950, with a volume of 692,857 shares traded.

The biopharmaceutical company reported ($1.69) EPS for the quarter, missing analysts’ consensus estimates of ($1.65) by ($0.04). Agios Pharmaceuticals had a negative return on equity of 34.11% and a negative net margin of 639.84%.The firm had revenue of $44.75 million for the quarter, compared to analyst estimates of $26.39 million.

Wall Street Analyst Weigh In

AGIO has been the topic of several research reports. HC Wainwright decreased their target price on Agios Pharmaceuticals from $54.00 to $52.00 and set a “buy” rating on the stock in a research note on Tuesday, July 21st. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Agios Pharmaceuticals in a research report on Wednesday, June 24th. Royal Bank Of Canada boosted their price target on shares of Agios Pharmaceuticals from $28.00 to $32.00 and gave the stock a “sector perform” rating in a research note on Tuesday, July 7th. Truist Financial increased their price target on shares of Agios Pharmaceuticals from $36.00 to $41.00 and gave the stock a “buy” rating in a research report on Tuesday, July 7th. Finally, The Goldman Sachs Group raised their price objective on shares of Agios Pharmaceuticals from $28.00 to $32.00 and gave the company a “neutral” rating in a research note on Wednesday, April 1st. Five investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $40.00.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Bellevue Group AG grew its position in shares of Agios Pharmaceuticals by 3.5% in the 3rd quarter. Bellevue Group AG now owns 3,714,736 shares of the biopharmaceutical company’s stock valued at $149,110,000 after buying an additional 124,586 shares during the last quarter. State Street Corp lifted its position in Agios Pharmaceuticals by 37.4% in the fourth quarter. State Street Corp now owns 3,108,145 shares of the biopharmaceutical company’s stock valued at $84,604,000 after acquiring an additional 845,433 shares during the last quarter. Erste Asset Management GmbH boosted its stake in Agios Pharmaceuticals by 1.4% in the fourth quarter. Erste Asset Management GmbH now owns 2,804,900 shares of the biopharmaceutical company’s stock valued at $76,343,000 after acquiring an additional 40,000 shares in the last quarter. Wellington Management Group LLP boosted its stake in Agios Pharmaceuticals by 485.5% in the third quarter. Wellington Management Group LLP now owns 2,471,416 shares of the biopharmaceutical company’s stock valued at $99,203,000 after acquiring an additional 2,049,287 shares in the last quarter. Finally, Commodore Capital LP grew its holdings in shares of Agios Pharmaceuticals by 6.4% during the second quarter. Commodore Capital LP now owns 2,325,000 shares of the biopharmaceutical company’s stock worth $77,330,000 after purchasing an additional 140,000 shares during the last quarter.

Agios Pharmaceuticals Stock Down 10.6%

The firm has a fifty day simple moving average of $34.37 and a 200-day simple moving average of $30.86. The company has a market cap of $1.86 billion, a PE ratio of -4.32 and a beta of 0.54.

Agios Pharmaceuticals Company Profile

Agios Pharmaceuticals, Inc is a biopharmaceutical company founded in 2008 as a spin-out from research at Dana-Farber Cancer Institute and the Broad Institute. Headquartered in Cambridge, Massachusetts, Agios focuses on understanding and targeting cellular metabolism to develop novel therapies for cancer and rare genetic diseases. The company’s scientific platform integrates genomic discovery, metabolic profiling and precision medicine approaches to identify and advance small-molecule candidates that correct or exploit metabolic dysfunction.

Agios’s lead products are IDH (isocitrate dehydrogenase) inhibitors that target specific cancer mutations.