Wedbush analyst David Nierengarten lowered his price target for MacroGenics to $20 from $44 following recent clinical updates and company guidance. In 2019, the analyst looks forward to the pivotal Phase 3 SOPHIA readout this quarter, where he looks for topline PFS study results to support margetuximab use in 3L/4L metastatic breast cancer with BLA submission in 2H19. Nierengarten sees upside to his valuation in the range $2-$6 depending on the strength of the data, with downside in the range of $2-$4. The analyst also notes that recently updated margetuximab data in gastric cancer at ASCO GI, although somewhat deteriorated from ESMO, is still positive and warrants further 2L investigation in combination with anti PD-1 antibody. He reiterates an Outperform rating on the shares.
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