SunTrust Banks Research Analysts Cut Earnings Estimates for OncoMed Pharmaceuticals, Inc. (NASDAQ:OMED)
OncoMed Pharmaceuticals, Inc. (NASDAQ:OMED) – Research analysts at SunTrust Banks cut their FY2017 earnings per share estimates for OncoMed Pharmaceuticals in a research report issued to clients and investors on Wednesday. SunTrust Banks analyst P. Lawson now expects that the biopharmaceutical company will earn ($1.74) per share for the year, down from their prior forecast of ($1.71). SunTrust Banks currently has a “Hold” rating on the stock. SunTrust Banks also issued estimates for OncoMed Pharmaceuticals’ FY2018 earnings at ($1.78) EPS, FY2019 earnings at ($1.56) EPS, FY2020 earnings at ($1.67) EPS and FY2021 earnings at ($1.83) EPS.
OncoMed Pharmaceuticals (NASDAQ:OMED) last released its quarterly earnings data on Wednesday, August 2nd. The biopharmaceutical company reported ($0.40) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.50) by $0.10. The company had revenue of $6.20 million for the quarter, compared to analysts’ expectations of $6.08 million. The business’s quarterly revenue was down 7.0% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.91) EPS. ILLEGAL ACTIVITY NOTICE: “SunTrust Banks Research Analysts Cut Earnings Estimates for OncoMed Pharmaceuticals, Inc. (NASDAQ:OMED)” was first posted by American Banking News and is the property of of American Banking News. If you are viewing this report on another publication, it was stolen and reposted in violation of international trademark & copyright law. The correct version of this report can be read at https://www.americanbankingnews.com/2017/08/07/suntrust-banks-research-analysts-cut-earnings-estimates-for-oncomed-pharmaceuticals-inc-nasdaqomed.html.
OMED has been the subject of a number of other reports. Leerink Swann upped 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. Cantor Fitzgerald set a $6.00 target price on shares of OncoMed Pharmaceuticals and gave the company a “hold” rating in a report on Tuesday, May 9th. Zacks Investment Research cut shares of OncoMed Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Thursday, April 13th. ValuEngine cut shares of OncoMed Pharmaceuticals from a “sell” rating to a “strong sell” rating in a report on Friday, June 2nd. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $9.00 target price (down from $20.00) on shares of OncoMed Pharmaceuticals in a report on Tuesday, April 11th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the company. OncoMed Pharmaceuticals presently has a consensus rating of “Hold” and an average price target of $8.00.
OncoMed Pharmaceuticals (NASDAQ OMED) opened at 3.86 on Monday. OncoMed Pharmaceuticals has a 1-year low of $2.94 and a 1-year high of $12.71. The stock’s market cap is $143.26 million. The firm’s 50 day moving average price is $3.52 and its 200-day moving average price is $5.87.
In other news, Director Perry A. Karsen purchased 10,000 shares of the business’s stock in a transaction that occurred on Monday, June 5th. The stock was purchased at an average cost of $3.46 per share, with a total value of $34,600.00. Following the completion of the acquisition, the director now directly owns 10,000 shares of the company’s stock, valued at approximately $34,600. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Jack W. Lasersohn purchased 23,507 shares of the business’s stock in a transaction that occurred on Tuesday, May 16th. The shares were purchased at an average cost of $3.49 per share, with a total value of $82,039.43. Following the completion of the acquisition, the director now directly owns 131,095 shares of the company’s stock, valued at $457,521.55. The disclosure for this purchase can be found here. Insiders have purchased 88,121 shares of company stock valued at $304,289 over the last three months. 32.80% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of the company. American International Group Inc. boosted its position in OncoMed Pharmaceuticals by 9.0% in the first quarter. American International Group Inc. now owns 10,977 shares of the biopharmaceutical company’s stock valued at $101,000 after buying an additional 905 shares in the last quarter. KCG Holdings Inc. purchased a new position in OncoMed Pharmaceuticals during the first quarter valued at about $103,000. Russell Investments Group Ltd. purchased a new position in OncoMed Pharmaceuticals during the first quarter valued at about $141,000. Metropolitan Life Insurance Co. NY purchased a new position in OncoMed Pharmaceuticals during the first quarter valued at about $160,000. Finally, LMR Partners LLP purchased a new position in OncoMed Pharmaceuticals during the second quarter valued at about $201,000. 44.20% of the stock is owned by hedge funds and other institutional investors.
About OncoMed Pharmaceuticals
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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