- BMO Capital Markets downgraded MacroGenics Inc MGNX to Market Perform following the discontinuation of enoblituzumab (B7H3 antibody) for head and neck cancers.
- The analyst said that enoblituzumab was not a meaningful contributor to the last valuation.
- The update has eroded confidence in MacroGenics's ability to address the unresolved safety issues with MCG018 (B7H3 ADC).
- The company's platform has delivered several clinically active molecules and one commercial program in Margenza.
- Related: Patient Death Prompts MacroGenics To Close Mid-Stage Head & Cancer Study.
- The analyst says that no program appears to stand out as a necessary value driver over the next 12-18 months. BMO lowered the price target to $4 from $31.
- JMP Securities also lowered the price target to $20 from $24 by removing enoblituzumab. The analyst notes that there is no read-across to the B7-H3 targeting ADC MGC018, which will provide data in 2H22.
- Price Action: MGNX shares are up 0.70% at $3.58 during the market session on the last check Tuesday.
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MGNXMacrogenics Inc
$1.619.52%
Edge Rankings
Momentum
4.74
Growth
N/A
Quality
N/A
Value
91.67
Price Trend
Short
Medium
Long
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