MGNX - MacroGenics upgraded to buy at Citi on valuation

Citi has upgraded MacroGenics (MGNX -3.4%) to buy from neutral saying the company's pipeline has "entered undervalued territory." However, the firm cut its target price to $21 from $23 (~117% upside based on Friday's close). Analyst Yigal Nochomovitz noted that the company's focus on MGC018 for solid tumors and MGD024 for acute myeloid leukemia are positives. He added that MacroGenics (MGNX -3.4%) has several clinical value drivers in the second half of the year, including a phase 1 expansion cohort update on MGC018, enoblituzumab + retifanlimab phase 2 data in squamous cell carcinoma of the head and neck, and phase 1 expansion results for lorigerlimab in multiple tumor types. Read why Seeking Alpha contributor Avisol Capital Partners considers MacroGenics (MGNX -3.4%) a hold.

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MacroGenics upgraded to buy at Citi on valuation