UPDATE: Bank of America Initiates Coverage on MacroGenics with Neutral Rating, $30 PT on Multiple Immunotherapy Platforms

In a report published Monday, Bank of America analyst Steve Byrne initiated coverage on

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.