Zacks Investment Research upgraded shares of Oncomed Pharmaceuticals (NASDAQ:OMED) from a hold rating to a buy rating in a research report released on Wednesday morning. The firm currently has $2.00 target price on the biopharmaceutical company’s stock.
According to Zacks, “OncoMed Pharmaceuticals, Inc. is a biopharmaceutical company which focuses on the discovering and developing monoclonal antibody therapeutics for cancer stem cells. It utilizes its technologies to identify, isolate and evaluate CSCs, validate multiple potential targets and pathways critical to CSC self-renewal and differentiation and develop antibody and other protein-based therapeutics. The company serves the healthcare industry and cancer therapy patients. OncoMed Pharmaceuticals, Inc. is based in Redwood City, United States. “
A number of other research firms have also weighed in on OMED. HC Wainwright cut their price objective on shares of Oncomed Pharmaceuticals from $3.00 to $2.00 and set a neutral rating on the stock in a research note on Friday, September 21st. ValuEngine lowered shares of Oncomed Pharmaceuticals from a hold rating to a sell rating in a research note on Friday, November 2nd.
Oncomed Pharmaceuticals (NASDAQ:OMED) last released its quarterly earnings data on Thursday, November 1st. The biopharmaceutical company reported $0.16 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.20) by $0.36. The firm had revenue of $19.52 million for the quarter, compared to analyst estimates of $7.97 million. Oncomed Pharmaceuticals had a net margin of 10.98% and a return on equity of 25.81%. Equities research analysts forecast that Oncomed Pharmaceuticals will post -0.31 EPS for the current fiscal year.
Several large investors have recently added to or reduced their stakes in the company. Essex Investment Management Co. LLC acquired a new stake in shares of Oncomed Pharmaceuticals in the third quarter worth $205,000. Macquarie Group Ltd. purchased a new stake in Oncomed Pharmaceuticals during the second quarter worth $186,000. Alambic Investment Management L.P. purchased a new stake in Oncomed Pharmaceuticals during the second quarter worth $254,000. Renaissance Technologies LLC boosted its holdings in Oncomed Pharmaceuticals by 8.5% during the second quarter. Renaissance Technologies LLC now owns 757,400 shares of the biopharmaceutical company’s stock worth $1,750,000 after buying an additional 59,300 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its holdings in Oncomed Pharmaceuticals by 60.8% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 100,691 shares of the biopharmaceutical company’s stock worth $233,000 after buying an additional 38,091 shares in the last quarter. Hedge funds and other institutional investors own 48.75% of the company’s stock.
Oncomed Pharmaceuticals Company Profile
OncoMed Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, focuses on discovering and developing novel therapeutics that address the fundamental biology driving cancer's growth, resistance, recurrence, and metastasis. The company's product candidates and preclinical programs include navicixizumab (anti-DLL4/VEGF Bispecific, OMP-305B83), a monoclonal antibody that targets Delta-like ligand 4 and vascular endothelial growth factor, which has completed a single-agent Phase Ia clinical trial in patients with advanced solid tumors, as well as in two Phase Ib clinical trials for patients with platinum-resistant ovarian cancer and metastatic colorectal cancer; anti-TIGIT (OMP-313M32), a T-cell immunoreceptor with immunoglobulin and ITIM domain, which is in Phase Ia clinical trial for patients with advanced or metastatic solid tumors; GITRL-Fc (OMP-336B11), a glucocorticoid-induced tumor necrosis factor receptor -related protein and its ligand, which is in Phase Ia clinical trial for patients with advanced or metastatic solid tumors; and rosmantuzumab (anti-RSPO3, OMP-131R10), a monoclonal antibody targeting the RSPO-LGR CSC pathway.
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