Bank of America Upgrades MacroGenics to Buy (MGNX)
MacroGenics (NASDAQ:MGNX) was upgraded by research analysts at Bank of America from a “neutral” rating to a “buy” rating in a report released on Tuesday, AnalystRatings.NET reports. The firm currently has a $50.00 price objective on the stock, up from their previous price objective of $30.00. Bank of America’s target price indicates a potential upside of 47.41% from the stock’s previous close.
The analysts wrote, “We are raising our rating to Buy (from Neutral) and our PO to $50 (from $30) based on higher sales expectations for the company’s oncology pipeline. We are raising the probability of approval for MGNX’ lead asset margetuximab to 35% (from 25%), raising the NPV to $27 (from $21). Previous phase 1 data highlighted meaningful responses in refractory breast and gastric cancer, and MGNX has now enrolled two higher dose cohorts. “Marge differs from other HER2 antibodies (e.g. Herceptin) by enhanced binding to macrophages (which help kill cancer cells), similar to Roche’s recently approved Gazyva. A study in third line gastric cancer is being conducted at sites to follow Kadcyla failures, potentially selecting patients that differentiate marge from competitors. While there are several anti-HER2 therapies, we believe the enhanced functionality of marge could broaden addressable patients.”
Separately, analysts at Wedbush initiated coverage on shares of MacroGenics in a research note on Tuesday, December 3rd. They set an “outperform” rating and a $70.00 price target on the stock. Five analysts have rated the stock with a buy rating, The company currently has a consensus rating of “Buy” and an average price target of $47.25.
Shares of MacroGenics (NASDAQ:MGNX) opened at 33.92 on Tuesday. MacroGenics has a one year low of $21.50 and a one year high of $41.00. The stock has a 50-day moving average of $35.43 and a 200-day moving average of $29.70. The company’s market cap is $854.4 million.
MacroGenics, Inc is a clinical-stage biopharmaceutical company. The Company focuses on discovering and developing monoclonal antibody-based therapeutics for the treatment of cancer and autoimmune diseases.
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