UPDATE: Goldman Sachs Initiates Agios Pharmaceuticals with Buy on Emerging Leadership Position

In a report published Monday, Goldman Sachs analyst Terence Flynn initiated coverage on Agios Pharmaceuticals (NASDAQ: AGIO) with a Buy rating and $37.00 price target.

In the report, Goldman Sachs noted, “We initiate coverage of AGIO at Buy with a 12-month price target of $37. We see the company as an emerging biotech leader in the area of targeting dysregulated cellular metabolism for cancer and inborn errors of metabolism (IEMs), which are a subset of orphan genetic diseases. AGIO has an early stage pipeline with three drugs entering clinical trials between now and year-end 2014. AGIO's lead cancer drugs are partnered with CELG and the company has retained WW rights to its orphan drug. The CELG partnership offers independent validation of AGIO's approach in cancer.”

Agios Pharmaceuticals closed on Friday at $31.91.