MacroGenics downgraded to Neutral on ‘baked in’ approval at Wedbush

Analyst David Nierengarten downgraded MacroGenics to Neutral from Outperform, while raising his price target on the shares to $26 from $20, following positive topline results from the pivotal Phase 3 SOPHIA trial evaluating margetuximab in 3/4L HER2-positive metastatic breast cancer. Overall, the topline readout met Nierengarten’s cautiously optimistic expectations for a statistically significant increase in PFS that would warrant BLA submission in 2H19 and subsequent approval. The analyst argued that the current stock reaction approaches his increased and already de-risked valuation.
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