OncoMed Pharmaceuticals Inc. (NASDAQ:OMED) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Friday. The brokerage presently has a $11.00 target price on the biopharmaceutical company’s stock. Zacks Investment Research’s price objective would indicate a potential upside of 13.75% from the company’s previous close.
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. “
Other research analysts have also recently issued reports about the company. HC Wainwright started coverage on OncoMed Pharmaceuticals in a report on Thursday, September 22nd. They set a “buy” rating and a $20.00 target price on the stock. Jefferies Group upped their price objective on OncoMed Pharmaceuticals from $15.00 to $16.00 and gave the company a “buy” rating in a report on Wednesday, August 10th. Cantor Fitzgerald set a $16.00 price objective on OncoMed Pharmaceuticals and gave the company a “buy” rating in a report on Wednesday, November 2nd. Finally, Leerink Swann reiterated a “market perform” rating on shares of OncoMed Pharmaceuticals in a report on Friday, November 11th. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. OncoMed Pharmaceuticals currently has a consensus rating of “Buy” and an average target price of $19.25.
Shares of OncoMed Pharmaceuticals (NASDAQ:OMED) traded down 0.93% during mid-day trading on Friday, reaching $9.58. The company’s stock had a trading volume of 15,742 shares. The stock has a 50 day moving average of $9.83 and a 200-day moving average of $11.44. OncoMed Pharmaceuticals has a one year low of $8.07 and a one year high of $23.98. The stock’s market cap is $355.34 million.
OncoMed Pharmaceuticals (NASDAQ:OMED) last issued its earnings results on Tuesday, November 1st. The biopharmaceutical company reported ($0.77) earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.77). The business had revenue of $5.92 million for the quarter, compared to analysts’ expectations of $9.48 million. OncoMed Pharmaceuticals had a negative return on equity of 1,307.23% and a negative net margin of 409.54%. The business’s revenue for the quarter was up 26.3% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.81) EPS. On average, equities research analysts expect that OncoMed Pharmaceuticals will post ($3.23) EPS for the current fiscal year.
A number of hedge funds have recently made changes to their positions in OMED. Highbridge Capital Management LLC purchased a new stake in shares of OncoMed Pharmaceuticals during the third quarter worth about $493,000. BVF Inc. IL raised its stake in shares of OncoMed Pharmaceuticals by 35.3% in the third quarter. BVF Inc. IL now owns 1,812,005 shares of the biopharmaceutical company’s stock worth $20,711,000 after buying an additional 472,669 shares during the last quarter. The Manufacturers Life Insurance Company purchased a new stake in shares of OncoMed Pharmaceuticals during the third quarter worth about $156,000. ProShare Advisors LLC raised its stake in shares of OncoMed Pharmaceuticals by 2.8% in the third quarter. ProShare Advisors LLC now owns 25,395 shares of the biopharmaceutical company’s stock worth $290,000 after buying an additional 700 shares during the last quarter. Finally, Morgan Stanley raised its stake in OncoMed Pharmaceuticals by 251.1% in the third quarter. Morgan Stanley now owns 88,516 shares of the biopharmaceutical company’s stock worth $1,011,000 after buying an additional 63,302 shares in the last quarter. 31.95% of the stock is currently owned by institutional investors.
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.