MacroGenics surges as Citigroup upgrades to 'buy', lifts PT
20/12/2023 17:34
** Shares of drug developer MacroGenics MGNX.O rise 14.8%
to a one-year high of $10.6 after brokerage Citigroup upgrades
rating to "buy" from "neutral"
** Citi raises PT to $13 from $7, citing execution across
its pipeline of cancer drugs, increasing investment and interest
in targeted cancer drugs called antibody-drug conjugate (ADC)
** New PT represents an upside of 40.8% to MGNX's last close
** Citi says mid-stage data from MGNX's drug candidate,
vobra duo, exceeded expectations and "appears competitive" to
Daiichi's 7643.T cancer drug candidate that targets the same
mutation in tumors
** MGNX's vobra duo is ADC that targets the B7-H3 molecule
present in several tumor types
** Citi says MGNX's combination therapy of vobra duo and
another experimental drug, lorigerlimab, "could unlock further
optionality in treating prostate cancer"
** 9 out of 10 analysts rate the stock "buy" or higher, 1
"hold"; their median PT is $12
** Including session's gain, stock up 55.4% YTD
(Reporting by Sneha S K)
((Sneha.SK@thomsonreuters.com;))