Zacks Investment Research Downgrades Oncomed Pharmaceuticals (NASDAQ:OMED) to Hold

Zacks Investment Research downgraded shares of Oncomed Pharmaceuticals (NASDAQ:OMED) from a buy rating to a hold rating in a research report released on Thursday, November 9th.

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. “

OMED has been the topic of several other research reports. SunTrust Banks reiterated a hold rating and issued a $4.00 target price on shares of Oncomed Pharmaceuticals in a research note on Friday, October 6th. Jefferies Group set a $5.00 price objective on shares of Oncomed Pharmaceuticals and gave the company a buy rating in a research report on Friday, August 25th. Finally, Cantor Fitzgerald restated a hold rating and set a $6.00 price objective on shares of Oncomed Pharmaceuticals in a research report on Tuesday, September 19th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the stock. The company has a consensus rating of Hold and an average target price of $5.94.

Shares of Oncomed Pharmaceuticals (OMED) opened at $4.99 on Thursday. Oncomed Pharmaceuticals has a fifty-two week low of $2.91 and a fifty-two week high of $10.89.

Oncomed Pharmaceuticals (NASDAQ:OMED) last announced its quarterly earnings data on Thursday, November 2nd. The biopharmaceutical company reported ($0.28) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.41) by $0.13. The business had revenue of $5.11 million during the quarter, compared to analysts’ expectations of $6.25 million. Oncomed Pharmaceuticals’s revenue for the quarter was down 13.7% compared to the same quarter last year. During the same quarter last year, the company posted ($0.77) EPS. equities analysts anticipate that Oncomed Pharmaceuticals will post -1.62 earnings per share for the current fiscal year.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in OMED. American International Group Inc. raised 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 worth $101,000 after acquiring an additional 905 shares during the period. KCG Holdings Inc. bought a new position in Oncomed Pharmaceuticals in the first quarter worth approximately $103,000. Hodges Capital Management Inc. raised its position in Oncomed Pharmaceuticals by 155.9% in the third quarter. Hodges Capital Management Inc. now owns 25,592 shares of the biopharmaceutical company’s stock worth $116,000 after acquiring an additional 15,592 shares during the period. Russell Investments Group Ltd. purchased a new stake in shares of Oncomed Pharmaceuticals in the first quarter worth $141,000. Finally, Citadel Advisors LLC increased its stake in shares of Oncomed Pharmaceuticals by 289.8% in the second quarter. Citadel Advisors LLC now owns 45,997 shares of the biopharmaceutical company’s stock worth $154,000 after purchasing an additional 34,197 shares in the last quarter. Institutional investors and hedge funds own 39.44% of the company’s stock.

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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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