MacroGenics Inc MGNX reported Tuesday after the close with forecast-beating first-quarter results and said it has adequate cash to operate into 2022. The company also issued an update on its clinical pipeline.
The MacroGenics Analyst
The MacroGenics Thesis
The several pipeline updates MacroGenics issued on its earnings call are positive for the company and a testament to the considerable opportunity provided by its broad portfolio of antibody-based therapies, Chang said in a Wednesday note. (See his track record here.)
The analyst said he's awaiting detailed data from the programs and more clarity on the path forward, adding that several of MacroGenics' opportunities represent upside to his current estimates.
Multiple data presentations at Virtual American Society of Clinical Oncology 2020 conference will be the next catalyst, Chang said. The presentation includes an oral presentation of MGD013 and posters for the antibody conjugate MGC018 and margetuximab.
"Overall, we remain OP at current levels and see multiple sources of upside within MGNX's broad and deep pipeline of proprietary and partnered programs," the analyst said.
MCGNX Price Action
At last check, MacroGenics shares were surging by 218.45% to $24.20.
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