Stifel Reiterates Hold Rating on MacroGenics (MGNX)

Stifel analyst Stephen Willey reiterated a Hold rating and $6.00 price target on MacroGenics (NASDAQ: MGNX).

The analyst commented, “We believe the top-line disclosure of preliminary data from the P2 LORIKEET trial represents an important 2H25 catalyst potentially capable of establishing clear differentiation between lorigerlimab and other PD-(L)1/ CLTA-4 regimens/bispecifics, building investor enthusiasm around a registrational development opportunity in 2L chemo-naïve mCRPC, and improving investor sentiment into the now-expanding P2 clinical development program for this asset in other immunologically cold tumor types (PROC/ccGC). We view management’s formal decision to discontinue any further internal development of vobra-duo as a widely-anticipated (and long-overdue) outcome and believe preliminary MGC026 dose-escalation data in 2H25 will provide some early visibility into whether there’s a path to competitive differentiation in an increasingly competitive B7-H3 development landscape."

Also, "We believe the currently negative EV (fully-diluted) certainly implies an upwards-biased risk/reward here – particularly given management’s historical success on the partnering front. However, we believe nearer-term upside is likely limited here, and we’d prefer additional proximity to these 2H25 catalysts.”

For an analyst ratings summary and ratings history on MacroGenics click here. For more ratings news on MacroGenics click here.

Shares of MacroGenics closed at $2.10 yesterday.

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