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UPDATE: Bank of America Initiates Coverage on MacroGenics on Multiple Immunotherapy Platforms

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In a report published Monday, Bank of America analyst Steve Byrne initiated coverage on MacroGenics (NASDAQ: MGNX) with a Neutral rating and $30.00 price target.

In the report, Bank of America noted, “We are initiating coverage of MacroGenics (MGNX), a clinical stage oncology focused biopharmaceutical company with a $30 PO and Neutral rating. We believe MGNX' three immunotherapy platforms have meaningful potential, based primarily on pre-clinical data. The lead asset margetuximab is a modified version of Herceptin with increased binding affinity to cell-killing macrophages. MGA271 is another tumor targeting antibody that could block cancer-caused T-cell inhibition (same receptor family as PD1). MGNX also has a bi-functional antibody technology called DART, which could offer significant advantages vs. conventional antibodies (e.g. simultaneous binding to tumor and T-cells). Our DCF-derived PO of $30 is driven primarily by margetuximab. We could see upside post data read-outs in 2014.”

MacroGenics closed on Friday at $27.32.

Latest Ratings for MGNX

DateFirmActionFromTo
Nov 2020Morgan StanleyMaintainsUnderweight
Nov 2020SVB LeerinkMaintainsOutperform
Oct 2020Morgan StanleyMaintainsUnderweight

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Posted-In: Bank of America Steve ByrneAnalyst Color Initiation Analyst Ratings

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StockFirmActionPT
HYMCBMO CapitalInitiates Coverage On
DEMorgan StanleyMaintains335.0
SBNYRaymond JamesMaintains138.0
CORTHC Wainwright & Co.Maintains32.0
CYBBFCitigroupDowngrades
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