Zacks Investment Research Downgrades Oncomed Pharmaceuticals (OMED) to Hold

Oncomed Pharmaceuticals (NASDAQ:OMED) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Wednesday.

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. “

Several other equities research analysts have also recently weighed in on OMED. Wells Fargo & Co reiterated a “market perform” rating and issued a $1.50 price objective (down previously from $8.00) on shares of Oncomed Pharmaceuticals in a report on Thursday, December 6th. ValuEngine upgraded Oncomed Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Wednesday, January 2nd.

NASDAQ OMED opened at $0.84 on Wednesday. Oncomed Pharmaceuticals has a fifty-two week low of $0.55 and a fifty-two week high of $3.45. The company has a market capitalization of $32.45 million, a price-to-earnings ratio of -5.22 and a beta of 1.81.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Acadian Asset Management LLC increased its position in Oncomed Pharmaceuticals by 26.1% during the 4th quarter. Acadian Asset Management LLC now owns 195,107 shares of the biopharmaceutical company’s stock valued at $146,000 after buying an additional 40,353 shares in the last quarter. Geode Capital Management LLC increased its position in Oncomed Pharmaceuticals by 36.1% during the 4th quarter. Geode Capital Management LLC now owns 173,563 shares of the biopharmaceutical company’s stock valued at $129,000 after buying an additional 46,083 shares in the last quarter. Birchview Capital LP increased its position in Oncomed Pharmaceuticals by 45.4% during the 4th quarter. Birchview Capital LP now owns 172,557 shares of the biopharmaceutical company’s stock valued at $129,000 after buying an additional 53,868 shares in the last quarter. Renaissance Technologies LLC lifted its position in Oncomed Pharmaceuticals by 7.9% during the third quarter. Renaissance Technologies LLC now owns 817,400 shares of the biopharmaceutical company’s stock valued at $1,733,000 after purchasing an additional 60,000 shares in the last quarter. Finally, Dimensional Fund Advisors LP purchased a new position in Oncomed Pharmaceuticals during the third quarter valued at $200,000. Institutional investors own 44.76% of the company’s stock.

About Oncomed Pharmaceuticals

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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