MacroGenics Analyst Sees Multiple Sources Of Upside, Biopharma Rallies After Q1 Update

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

SVB Leerink analyst Jonathan Chang reiterated an Outperform rating on MacroGenics and nudged down the price target from $16 to $15.

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.

Related Links:

Attention Biotech Investors: Mark Your Calendar For These May PDUFA Dates

The Week Ahead In Biotech: Smid-Cap Earnings News Flow Picks Up Pace

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: Analyst ColorBiotechEarningsNewsPrice TargetReiterationAnalyst RatingsMoversTrading IdeasGeneralJonathan ChangSVB Leerink
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!