HC Wainwright assumed coverage on shares of OncoMed Pharmaceuticals Inc. (NASDAQ:OMED) in a report issued on Thursday. The brokerage issued a buy rating and a $20.00 price objective on the biopharmaceutical company’s stock.
“We believe a positive readout from the Phase 2 YOSEMITE trial in pancreatic cancer could lead partner Celgene to opt-in to the demcizumab program in early 2017, followed by readout from the Phase 2 DENALI trial in NSCLC a year later,” analyst Shaunak Deepak wrote in a note.Related Link: Shkreli Warned You: Mast Therapeutics Plummets 80% After Sickle Cell Drug Phase 3 Trial FailMeanwhile, the upcoming data of vantictumab in breast cancer patients could drive Bayer’s opt-in to the Wnt program in 2017.”We regard the pancreatic cancer indication as a source of potential upside for our vantictumab estimates. We see the second Wnt pathway antagonist ipafricept as a source of potential upside,” Deepak highlighted.Further, the analyst expects GlaxoSmithKline may opt-in to develop tarextumab, as it may show activity in lung cancer despite the compound failed in pancreatic cancer trial.”In addition to near-term opt-in milestones that could reach $172 million, we believe these partnerships could payoff with long-term benefits and free-up OncoMed’s resources to pursue new development activities,,” HC Wainwright’s analyst commented.
Several other research firms have also recently weighed in on OMED. Mizuho dropped their price target on OncoMed Pharmaceuticals from $45.00 to $40.00 and set a neutral rating for the company in a report on Wednesday, June 1st. Zacks Investment Research raised OncoMed Pharmaceuticals from a sell rating to a hold rating in a report on Tuesday, July 12th. Cantor Fitzgerald reaffirmed a buy rating and issued a $16.00 price objective on shares of OncoMed Pharmaceuticals in a report on Thursday, July 14th. Finally, Jefferies Group lifted their price objective on OncoMed Pharmaceuticals from $15.00 to $16.00 and gave the company a buy rating in a report on Wednesday, August 10th. One analyst has rated the stock with a sell rating, two have given a hold rating and six have issued a buy rating to the stock. The company has an average rating of Buy and an average target price of $19.38.
Shares of OncoMed Pharmaceuticals (NASDAQ:OMED) traded up 0.08% during trading on Thursday, hitting $12.32. The stock had a trading volume of 36,869 shares. The stock’s market capitalization is $377.87 million. The stock has a 50 day moving average price of $11.08 and a 200-day moving average price of $11.66. OncoMed Pharmaceuticals has a one year low of $8.42 and a one year high of $23.98.
OncoMed Pharmaceuticals (NASDAQ:OMED) last released its quarterly earnings results on Tuesday, August 9th. The biopharmaceutical company reported ($0.91) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.81) by $0.10. The firm had revenue of $6.67 million for the quarter, compared to analyst estimates of $8.09 million. OncoMed Pharmaceuticals had a negative return on equity of 1,307.23% and a negative net margin of 424.46%. The business’s revenue for the quarter was up 42.2% on a year-over-year basis. During the same period in the previous year, the business posted ($0.72) earnings per share. On average, equities research analysts predict that OncoMed Pharmaceuticals will post ($3.34) earnings per share for the current year.
Institutional investors have recently modified their holdings of the stock. American International Group Inc. raised its position in shares of OncoMed Pharmaceuticals by 0.4% in the second quarter. American International Group Inc. now owns 10,084 shares of the biopharmaceutical company’s stock valued at $124,000 after buying an additional 39 shares during the last quarter. Metropolitan Life Insurance Co. NY raised its position in shares of OncoMed Pharmaceuticals by 0.6% in the first quarter. Metropolitan Life Insurance Co. NY now owns 14,959 shares of the biopharmaceutical company’s stock valued at $151,000 after buying an additional 90 shares during the last quarter. ProShare Advisors LLC raised its position in shares of OncoMed Pharmaceuticals by 1.4% in the second quarter. ProShare Advisors LLC now owns 24,695 shares of the biopharmaceutical company’s stock valued at $304,000 after buying an additional 338 shares during the last quarter. Rhumbline Advisers raised its position in shares of OncoMed Pharmaceuticals by 2.6% in the second quarter. Rhumbline Advisers now owns 16,895 shares of the biopharmaceutical company’s stock valued at $208,000 after buying an additional 425 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. raised its position in shares of OncoMed Pharmaceuticals by 1.4% in the second quarter. Schwab Charles Investment Management Inc. now owns 42,821 shares of the biopharmaceutical company’s stock valued at $528,000 after buying an additional 588 shares during the last quarter. Institutional investors own 30.66% of the company’s stock.
OncoMed Pharmaceuticals Company Profile
OncoMed Pharmaceuticals, Inc (OncoMed) is a clinical development-stage biopharmaceutical company. The Company focuses on discovering and developing anti-cancer stem cell (CSC) and immuno-oncology therapeutics. The Company’s product candidates and preclinical programs include Demcizumab (Anti-DLL4, OMP-21M18), Tarextumab (Anti-Notch2/3, OMP-59R5), Vantictumab (anti-Fzd7, OMP-18R5), Ipafricept (Fzd8-Fc, OMP-54F28), Brontictuzumab (Anti-Notch1, OMP-52M51), Anti-DLL4/VEGF Bispecific (OMP-305B83), Anti-RSPO3 (OMP-131R10) and GITRL-Fc.
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