MGTA - Magenta Therapeutics downgraded to neutral at Goldman Sachs on clarity over candidate

• Goldman Sachs has downgraded Magenta Therapeutics ( NASDAQ: MGTA ) from buy to neutral due to a lack of proof-of-concept generating events for one of its lead programs, MGTA-117.
• The firm kept its $2 price target (~3% upside based on Wednesday's close).
• Shares are down 7% in Thursday morning trading.
• MGTA-117, an antibody drug conjugate, is in phase 1 for relapsed/refractory acute myeloid leukemia and myelodysplastic syndromes ( MDS ). Data is expected in Q4.
• "Absent greater clarity on the MGTA-117 dose to be pursued in [hematopoietic stem cell transplantation] and a defined clinical trial path in the transplant setting (FDA interactions expected by YE22/early-23), we are moving to the sidelines," analyst Madhu Kumar wrote.
• Seeking Alpha's Quant Rating views Magenta ( MGTA ) as a buy with high marks for valuations, momentum and revisions .

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