H.C. Wainwright analyst Chattopadhyay maintained a Buy rating on MacroGenics and raised his price target on shares to $39 from $34. The analyst said he anticipates FDA Biologic License Application approval during the second half of 2020, with the progression-free survival, or PFS, win and OS trending positive in the SOPHIA study, and noted that the SOPHIA data showed that patients treated with margetuximab plus chemotherapy experienced a 24% risk reduction in PFS compared to patients in the trastuzumab plus chemotherapy. Shares of MacroGenics are trading over 129% higher to $25.48 in late morning trading after this morning’s release of the results from the Phase 3 SOPHIA study of margetuximab.
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