Agios Pharmaceuticals, Inc. (AGIO) initiated four expansion cohorts in its ongoing phase I study on AG-221. Shares of the company gained over 5% following the announcement. The stock also touched a 52-week high of $69.98 during the trading session on Oct 15.
AG-221 is a first-in-class, selective, potent IDH2 mutant inhibitor being developed for the treatment of IDH2-mutant hematologic malignancies like acute myelogenous leukemia (AML). These expansion cohorts will evaluate the safety and tolerability of AG-221 (100 mg once daily) in patients suffering from IDH2-mutant hematologic malignancies.
AG-221 enjoys both fast track and orphan drug designations in the U.S. Earlier in the year, Agios announced encouraging results from a phase I study on AG-221 (read more: Agios Presents Data on AG-221).
Agios is developing AG-221 under a collaboration agreement with Celgene Corporation (CELG). The companies are also developing AG-120 for the treatment of blood cancer. Last month Agios’ shares jumped following its announcement that it will present data from a phase I study on AG-120 earlier than expected (read more: Agios to Present Data on AG-120 in November, Shares Rises).
We are positive the company’s partnership with Celgene, a key player in the blood cancer market. We believe Celgene’s experience in the field will be of great help to Agios in moving the two candidates forward. However, most of the candidates at Agios are in their early stages of development.
Agios currently carries a Zacks Rank #3 (Hold). Some stocks that are worth considering in the healthcare sector include Medivation, Inc. (MDVN) and Emergent BioSolutions, Inc. (EBS). Both stocks hold a Zacks Rank #1 (Strong Buy).
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