MGNX - Why MacroGenics Stock Crushed the Market on Monday
On a generally uninspiring day for the market, biotech MacroGenics (NASDAQ: MGNX) was a standout performer. The company's share price gained nearly 4% in value against a slumping S&P 500 index, on a new and quite bullish take from an analyst.
That analyst was BMO Capital's Etzer Darout, who upgraded his MacroGenics recommendation. Darout now feels the cancer-focused biotech is now worthy of an outperform (read: buy), up from his previous estimation of market perform (neutral). Accompanying this, the prognosticator nearly tripled his price target on the stock to $16 per share from the previous $5.70.
Darout is particularly heartened by one of MacroGenics' leading development programs -- cancer treatment MGC018. He wrote in a new research note that while his view of the drug's potential remains "cautious," recent feedback has been positive, particularly in combination with another of the company's investigational treatments, lorigerlimab.
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Why MacroGenics Stock Crushed the Market on Monday