AGIO Hits Record Level On Impressive Clinical Data For Leukemia Drug

Shares of Agios Pharmaceuticals Inc. (NASDAQ:AGIOposted its biggest single day rally on Wednesday since 26th September. The stock is up a whopping 15% to $96.25 after hitting an all time high of $96.88 earlier in the session. More than 2.64 million shares have been traded, compared to its 30-day average volume of 707K shares.

This morning, shares of the company gapped up as investors rushed to buy the stock following Agios Pharmaceuticals announced an impressive ongoing Phase 1 clinical result for its leukemia drug. As of October 17, 2014, seventeen patients with a documented IDH1 mutation whose cancer relapsed or was refractory to at least one prior treatment regimen were enrolled. The company further added that by the time of the data cut, 14 patients were considered.

Our of the given 14 patients, 50% or 7 patients had objective responses, including four complete remissions, two marrow complete remissions and one partial remission, with responses observed across the four dose levels tested.

 Going forward, the company expects to work rapidly into multiple expansion cohorts in the first half of 2015 to further characterize the potential of AG-120."

Shares of AGIO are among the biggest gainers in the biotech sector year to date. The stock has gained a massive 300%. The stock is up 600% from its 52-week low of $15.91.

Right now, analysts are optimistic on the stock with 3 analysts have a Buy rating and 2 have a “Strong Buy” rating. The median target on the stock is $90, while high target of $97.

Disclosure: This article contains information and opinions based on data obtained from reliable sources, which is current as of the publication date, and does not constitute a recommendation ...

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