Jefferies Group Initiates Coverage on Oncomed Pharmaceuticals (OMED)

Investment analysts at Jefferies Group initiated coverage on shares of Oncomed Pharmaceuticals (NASDAQ:OMED) in a note issued to investors on Monday, reports. The firm set a “buy” rating and a $27.00 price target on the stock. Jefferies Group’s target price suggests a potential upside of 36.09% from the company’s current price.

The analysts wrote, “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.”

Shares of Oncomed Pharmaceuticals (NASDAQ:OMED) traded down 2.57% during mid-day trading on Monday, hitting $19.33. Oncomed Pharmaceuticals has a 52 week low of $18.57 and a 52 week high of $31.00. The stock’s 50-day moving average is currently $21.96. The company’s market cap is $523.1 million.

OncoMed Pharmaceuticals, Inc (NASDAQ:OMED) is a clinical development-stage biopharmaceutical company.

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