Oppenheimer waiting for further clinical updates on Medicenna Therapeutics

Oppenheimer analyst Matthew Biegler maintained an Outperform rating and $8 price target on Medicenna Therapeutics following the company’s FY23 results. The analyst continues to see “multiple viable development paths, given the promising, durable single-agent activity demonstrated by MDNA11 to date,” but also acknowledged that “additional clinical responses are probably needed from the coming update in order to reinvigorate shares over the near-term,” and noted that a comprehensive clinical update was expected in Q3.