Cantor Fitzgerald Downgrades Oncomed Pharmaceuticals Inc (OMED) to Neutral
Oncomed Pharmaceuticals Inc (NASDAQ:OMED) was downgraded by investment analysts at Cantor Fitzgerald from an “overweight” rating to a “neutral” rating in a research report issued to clients and investors on Monday. They currently have a $6.00 price target on the biopharmaceutical company’s stock, down from their prior price target of $16.00. Cantor Fitzgerald’s price target would suggest a potential upside of 60.00% from the stock’s previous close.
OMED has been the topic of several other research reports. BMO Capital Markets reaffirmed a “buy” rating and issued a $18.00 target price on shares of Oncomed Pharmaceuticals in a report on Tuesday, March 14th. Zacks Investment Research downgraded shares of Oncomed Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Wednesday, March 8th. Leerink Swann lifted their target price on shares of Oncomed Pharmaceuticals from $6.00 to $10.00 and gave the company a “market perform” rating in a report on Tuesday, April 11th. SunTrust Banks, Inc. began coverage on shares of Oncomed Pharmaceuticals in a report on Monday, December 19th. They issued a “buy” rating and a $16.00 target price on the stock. Finally, HC Wainwright set a $20.00 target price on shares of Oncomed Pharmaceuticals and gave the company a “buy” rating in a report on Saturday, March 11th. Eight equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $12.44.
Shares of Oncomed Pharmaceuticals (NASDAQ:OMED) opened at 3.7484 on Monday. The stock’s 50 day moving average is $8.44 and its 200-day moving average is $8.75. Oncomed Pharmaceuticals has a one year low of $3.71 and a one year high of $15.49. The stock’s market capitalization is $140.18 million.
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Oncomed Pharmaceuticals (NASDAQ:OMED) last issued its quarterly earnings data on Wednesday, March 8th. The biopharmaceutical company reported ($0.60) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.68) by $0.08. Oncomed Pharmaceuticals had a negative net margin of 409.54% and a negative return on equity of 1,307.23%. The company had revenue of $6.22 million for the quarter, compared to the consensus estimate of $6.57 million. During the same period last year, the firm posted $1.50 EPS. Oncomed Pharmaceuticals’s revenue for the quarter was down 9.1% on a year-over-year basis. On average, equities research analysts predict that Oncomed Pharmaceuticals will post ($2.00) EPS for the current fiscal year.
In related news, CEO Paul J. Hastings sold 6,473 shares of the business’s stock in a transaction dated Tuesday, April 4th. The shares were sold at an average price of $9.06, for a total transaction of $58,645.38. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Sunil Patel sold 5,754 shares of the business’s stock in a transaction dated Tuesday, April 4th. The stock was sold at an average price of $9.06, for a total transaction of $52,131.24. The disclosure for this sale can be found here. In the last three months, insiders have sold 16,543 shares of company stock worth $149,880. 41.25% of the stock is owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in the company. Teachers Advisors LLC increased its stake in Oncomed Pharmaceuticals by 10.8% in the fourth quarter. Teachers Advisors LLC now owns 30,423 shares of the biopharmaceutical company’s stock worth $235,000 after buying an additional 2,961 shares in the last quarter. Wells Fargo & Company MN increased its stake in Oncomed Pharmaceuticals by 292.3% in the third quarter. Wells Fargo & Company MN now owns 49,536 shares of the biopharmaceutical company’s stock worth $566,000 after buying an additional 36,910 shares in the last quarter. Norges Bank bought a new stake in Oncomed Pharmaceuticals during the fourth quarter worth approximately $1,406,000. Disciplined Growth Investors Inc. MN increased its stake in Oncomed Pharmaceuticals by 8.6% in the fourth quarter. Disciplined Growth Investors Inc. MN now owns 326,900 shares of the biopharmaceutical company’s stock worth $2,520,000 after buying an additional 25,975 shares in the last quarter. Finally, State Street Corp increased its stake in Oncomed Pharmaceuticals by 15.6% in the fourth quarter. State Street Corp now owns 341,271 shares of the biopharmaceutical company’s stock worth $2,628,000 after buying an additional 46,171 shares in the last quarter. 42.24% of the stock is currently owned by hedge funds and other institutional investors.
Oncomed Pharmaceuticals Company Profile
OncoMed Pharmaceuticals, Inc (OncoMed) is a clinical-stage biopharmaceutical company. The Company focuses on discovering and developing therapeutics that address the fundamental biology driving cancer’s growth, resistance, recurrence and metastasis. The Company’s therapeutic 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), Navicixizumab (Anti-DLL4/VEGF Bispecific, OMP-305B83), Anti-RSPO3 (OMP-131R10), Anti-TIGIT (OMP-313M32) and GITRL-Fc trimer (OMP-336B11).
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