Leerink lowered the firm’s price target on MacroGenics (MGNX) to $5 from $8 and keeps an Outperform rating on the shares. The firm notes the company reported Q2 financial results that were largely in line and notably announced the appointment of Eric Risser as President and CEO the day before. Overall, Leerink’s thesis on MacroGenics is based on potential royalties and milestone payments related to multiple partnered programs and cash.
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