OncoMed Pharmaceuticals Inc. (OMED) Research Coverage Started at HC Wainwright
HC Wainwright began coverage on shares of OncoMed Pharmaceuticals Inc. (NASDAQ:OMED) in a report issued on Thursday. The brokerage set a “buy” rating and a $20.00 price target on the biopharmaceutical company’s stock. HC Wainwright’s price target indicates a potential upside of 68.49% from the stock’s previous close.
The analysts wrote, “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,”
A number of other equities research analysts also recently issued reports on the stock. Zacks Investment Research downgraded shares of OncoMed Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Saturday, August 13th. Jefferies Group increased their target price on shares of OncoMed Pharmaceuticals from $15.00 to $16.00 and gave the stock a “buy” rating in a research report on Wednesday, August 10th. Cantor Fitzgerald reiterated a “buy” rating and issued a $16.00 target price on shares of OncoMed Pharmaceuticals in a research report on Thursday, July 14th. Finally, Mizuho cut their price target on shares of OncoMed Pharmaceuticals from $45.00 to $40.00 and set a “neutral” rating on the stock in a report on Wednesday, June 1st. One analyst has rated the stock with a sell rating, two have issued a hold rating and six have given a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $19.38.
Shares of OncoMed Pharmaceuticals (NASDAQ:OMED) traded up 2.19% during midday trading on Thursday, hitting $12.13. 60,789 shares of the stock were exchanged. The stock’s 50 day moving average is $11.08 and its 200 day moving average is $11.66. The firm’s market cap is $372.04 million. OncoMed Pharmaceuticals has a 12-month low of $8.42 and a 12-month high of $23.98.
OncoMed Pharmaceuticals (NASDAQ:OMED) last released its earnings results on Tuesday, August 9th. The biopharmaceutical company reported ($0.91) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.81) by $0.10. OncoMed Pharmaceuticals had a negative return on equity of 1,307.23% and a negative net margin of 424.46%. The company earned $6.67 million during the quarter, compared to analysts’ expectations of $8.09 million. During the same quarter in the previous year, the company earned ($0.72) EPS. The firm’s quarterly revenue was up 42.2% compared to the same quarter last year. On average, equities research analysts forecast that OncoMed Pharmaceuticals will post ($3.34) earnings per share for the current fiscal year.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. BVF Inc. IL raised its position in OncoMed Pharmaceuticals by 35.1% in the first quarter. BVF Inc. IL now owns 1,339,336 shares of the biopharmaceutical company’s stock worth $13,541,000 after buying an additional 347,903 shares during the last quarter. BlackRock Fund Advisors raised its position in OncoMed Pharmaceuticals by 1.9% in the second quarter. BlackRock Fund Advisors now owns 839,388 shares of the biopharmaceutical company’s stock worth $10,333,000 after buying an additional 15,990 shares during the last quarter. Iguana Healthcare Management LLC raised its position in OncoMed Pharmaceuticals by 11.5% in the second quarter. Iguana Healthcare Management LLC now owns 632,200 shares of the biopharmaceutical company’s stock worth $7,782,000 after buying an additional 65,175 shares during the last quarter. Vanguard Group Inc. raised its position in OncoMed Pharmaceuticals by 5.2% in the second quarter. Vanguard Group Inc. now owns 632,093 shares of the biopharmaceutical company’s stock worth $7,781,000 after buying an additional 31,165 shares during the last quarter. Finally, Cannell Peter B & Co. Inc. raised its position in OncoMed Pharmaceuticals by 37.6% in the second quarter. Cannell Peter B & Co. Inc. now owns 289,528 shares of the biopharmaceutical company’s stock worth $3,564,000 after buying an additional 79,125 shares during the last quarter. Institutional investors and hedge funds own 30.66% of the company’s stock.
About OncoMed Pharmaceuticals
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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