Tuesday, 23 April 2024

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Stifel keeps Buy on MacroGenics stock, confidence in vobra-duo’s development path By Investing.com

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On Thursday, Stifel sustained its positive stance on MacroGenics (NASDAQ:) stock, with a Buy rating and a steady price target of $29.00. The optimism stems from recent data concerning the safety and tolerability of vobra-duo from the Phase 2 TAMARACK trial. Although the abstract containing this data was not accepted for the upcoming ASCO meeting in June 2024, the disclosed information has reinforced confidence in the drug’s development trajectory.

MacroGenics has revealed plans to expand the use of vobra-duo to five additional tumor types and to align dosing schedules with the TAMARACK regimen. This comes after successful achievement of safety and tolerability objectives in the TAMARACK trial.

Notably, the incidence rates of adverse events leading to dose reductions or discontinuations were significantly lower in the TAMARACK trial compared to the dose-expansion cohort. Similarly, adverse events of special concern, such as palmar-plantar erythrodysesthesia and pleural effusions, were more than three times lower in the TAMARACK trial.

Despite concerns about whether the efficacy data from the dose-expansion cohort could be affected by the less frequent administration schedule in the TAMARACK trial, Stifel believes this is unlikely. This belief is backed by the high rates of adverse event-mediated dose interruptions, delays, and discontinuations observed in metastatic castration-resistant prostate cancer patients during dose expansion.

Investors and stakeholders are advised to look forward to the next clinical update from MacroGenics, which is expected by May 31. Stifel’s current assessment reflects a belief in the continued potential of vobra-duo, based on the recent trial data and development plans shared by MacroGenics.

InvestingPro Insights

MacroGenics, a biopharmaceutical company focused on developing monoclonal antibody-based therapeutics, has caught the attention of investors and analysts alike. According to recent InvestingPro data, MacroGenics holds a market capitalization of approximately $853.45 million. While the company’s P/E ratio stands at a negative -92.33, reflecting its current lack of profitability, this valuation metric is not uncommon in the biotech industry where future potential often outweighs current earnings.

InvestingPro Tips highlight that MacroGenics possesses more cash than debt on its balance sheet, suggesting a strong liquidity position that could support ongoing research and development activities. Additionally, the…

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