MacroGenics surges as Citigroup upgrades to 'buy', lifts PT
** 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
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
