Oncomed comes off its quiet period with a few upbeat initiations

|By:, SA News Editor

Recent IPO OncoMed Pharmaceuticals (OMED-2%) slips today despite a few upbeat initiations by Wall Street firms:

Jefferies starts the shares with a Buy and a $27 price target, saying OMED is a leader in the science behind cancer stem cells, which are thought to drive progression and metastases, and has generated five clinical stage candidates in Phase 1 trials using its platform, which has created multiple opportunities for success in major solid tumors and hematologic malignancies.

Jefferies acted as lead bookrunner in the IPO In July.

Leerink Swann and BMO Capital also ramp up coverage with an Outperform, and Piper Jaffray with an Overweight.