Seeking Alpha

OncoMed looks to extend big rally

  • After nearly doubling on Tuesday, shares of OncoMed Pharmaceuticals (OMED) add another 7% in premarket trading.
  • Today's catalyst looks to be Jefferies, where analyst Thomas Wei is out with a $46 target (from $27).
  • Wei likes the Celgene (CELG) deal and says it "validates demcizumab and [the] cancer stem cell platform [and] relieves OMED of any near-term financing risk."
  • For more on the CELG deal, see here
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