TD Cowen analyst Tara Bancroft has maintained their neutral stance on MGNX stock, giving a Hold rating today.
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Tara Bancroft’s rating is based on several factors influencing MacroGenics’ current and future prospects. The discontinuation of lorigerlimab in mCRPC due to unsatisfactory interim data has shifted the company’s focus to the Phase II LINNET study in gynecologic cancers. This shift reflects a strategic pivot towards areas where checkpoint inhibitors have historically underperformed, suggesting potential for lorigerlimab to demonstrate efficacy in these challenging indications.
Bancroft also notes the promising nature of MGC026, which is undergoing dose expansion in two solid tumor types. The completion of Phase I dose escalation and the ongoing expansion cohorts indicate a positive trajectory for this asset. However, given the moderate expectations for the LINNET study and the early stage of MGC026’s development, a Hold rating is deemed appropriate as the company navigates these transitional phases.
In another report released today, TR | OpenAI – 4o also reiterated a Hold rating on the stock with a $1.50 price target.