MGTA - Magenta Therapeutics shares soar more than 15% on B. Riley buy initiation
Magenta Therapeutics (MGTA) shares are up 15.7% in afternoon trading as B. Riley sees as much as $1.5B in peak sales from the company's stem cell transplant therapies in development.Analyst Kalpit Patel initiated a buy recommendation and a $21 price target (90% upside) on shares.Magenta's lead program, MGTA-145, is in phase 2 for multiple myelomia and leukemia, and phase 1 for sickle cell disease.Patel says MGTA-145 is already de-risked due to proof-of-concept data.The company is partnered on MGTA-145 with bluebird bio, as well as Stanford University and Be The Match, a marrow donor non-profit.In the IND-enabling phase, Magenta has MGTA-117 for leukemias, lysosomal disorders, and hemoglobinopathies. It is partnered on that candidate with AVROBIO and Beam Therapeutics.An IND submission for MGTA-117 is slated for next month.Patel writes that the two candidates "could transform the standard prerequisite protocols for stem cell transplants."
For further details see:
Magenta Therapeutics shares soar more than 15% on B. Riley buy initiation