Piper Sandler has expressed continued confidence in Agios Pharmaceuticals (NASDAQ: AGIO), maintaining an Overweight rating and a price target of $56.00.
The firm's positive stance is based on a new survey of hematologists which indicates a promising outlook for the uptake of mitapivat and Casgevy in treating thalassemia and sickle cell disease (SCD).
The survey, which included responses from 53 hematologists, suggests that these conditions represent a significant unmet medical need, positioning both drugs favorably in the market.
According to the feedback, mitapivat, in particular, stands out with high awareness and a strong willingness among doctors to prescribe it for thalassemia and SCD. The drug's attributes align well with what physicians most desire in treatments for these diseases.
Casgevy also received positive feedback, supporting Vertex Pharmaceuticals (NASDAQ:VRTX)' expectations of moderate initial uptake but significant long-term potential.
The survey indicated that approximately one-third of SCD and transfusion-dependent thalassemia patients could eventually be candidates for gene therapy, which bodes well for Casgevy's future.
Piper Sandler's projections for mitapivat are notably higher than the consensus, indicating a strong belief in the drug's market potential. Meanwhile, their estimates for Casgevy align with the consensus, with major growth anticipated starting in 2026.
In other recent news, Agios Pharma (NASDAQ:AGIO) has made significant strides in its clinical programs and financial agreements. The company reported positive results from its Phase 3 ENERGIZE-T study of mitapivat during its 2024 Q2 earnings call.
The study marked mitapivat as the first oral disease-modifying treatment to show efficacy in transfusion-dependent thalassemia. Preparations are underway for potential launches of mitapivat for thalassemia and sickle cell disease in 2025 and 2026, respectively.
RBC Capital recently adjusted its outlook on Agios, raising the price target to $55 from $53, while maintaining an Outperform rating. This revision follows the ACTIVATE-KidsT trial results for pediatric PKD that did not meet the prespecified statistical criterion. However, RBC Capital believes the data could still support a regulatory pathway forward.
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