From Sizable Stake to Zero: The Likely Reason Why Agios Shares Lost a $94 Million Backer
Key Points
Commodore Capital sold 2,338,287 shares of Agios Pharmaceuticals in the fourth quarter.
The quarter-end position value declined by $93.86 million as a result.
The position, which was previously 4.6% of the fund's AUM, was wiped out as a result.
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On February 17, 2026, Commodore Capital disclosed in a U.S. Securities and Exchange Commission (SEC) filing that it sold all 2,338,287 shares of Agios Pharmaceuticals (NASDAQ:AGIO) in the fourth quarter, an estimated $93.86 million transaction.
What happened
According to a filing with the Securities and Exchange Commission dated February 17, 2026, Commodore Capital sold all 2,338,287 shares of Agios Pharmaceuticals in the fourth quarter. The position’s quarter-end value decreased by $93.86 million as a result.
What else to know
- Top holdings after the filing:
- NASDAQ:RLAY: $143.82 million (9.6% of AUM)
- NASDAQ:ALKS: $99.33 million (6.6% of AUM)
- NASDAQ:TYRA: $88.73 million (5.9% of AUM)
- NASDAQ:XENE: $80.68 million (5.4% of AUM)
- NASDAQ:SYRE: $78.24 million (5.2% of AUM)
- As of February 17, 2026, shares of Agios Pharmaceuticals were priced at $27.82, down 17% over the past year and well underperforming the S&P 500’s roughly 13% gain in the same period.
Company overview
| Metric | Value |
|---|---|
| Market Capitalization | $1.63 billion |
| Revenue (TTM) | $54.03 million |
| Net Income (TTM) | ($412.78 million) |
| Price (as of market close 2/17/26) | $27.82 |
Company snapshot
- Agios Pharmaceuticals focuses on the development and commercialization of medicines targeting cellular metabolism, including PYRUKYND (mitapivat) for hemolytic anemias.
- The firm generates revenue primarily through sales of proprietary therapies and ongoing clinical development programs in rare hematologic diseases.
- It serves healthcare providers and patients with rare genetic and acquired blood disorders, particularly those affected by hemolytic anemias.
Agios Pharmaceuticals, Inc. is a biopharmaceutical company specializing in therapies for rare hematologic diseases, leveraging expertise in cellular metabolism. The company's strategy centers on advancing innovative treatments from research through commercialization, with a focus on high unmet medical needs. With a pipeline anchored by PYRUKYND and ongoing clinical programs, Agios aims to establish a competitive position in the rare disease space by delivering novel, targeted therapies to patients and healthcare providers.
What this transaction means for investors
Capital in biotech rotates toward momentum and away from frustration. That context matters here. Agios stock tumbled 50% in one day after the Phase 3 RISE UP trial of mitapivat missed on reducing sickle cell pain crises, reversing big gains from earlier in the year. Only making the stock harder to digest, profitability remains distant. The company posted a $108 million net loss in the fourth quarter (compared to a $96.5 million loss one year earlier). Shares at $28 are down about 17% over the past 12 months, sharply trailing the broader market.
Within this portfolio, capital is concentrated in clinical-stage immunology names such as Relay, Alkermes, Tyra, Xenon, and Spyre, each between roughly 5% and 10% of assets. Agios, a commercial-stage rare disease player, sat slightly outside that core theme.
For long-term investors, the message is not that Agios lacks assets. It is that execution now matters more than optionality.
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Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alkermes Plc. The Motley Fool has a disclosure policy.
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