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Investing.com - Citizens JMP analyst Silvan Tuerkcan has reiterated a Market Perform rating on MacroGenics (NASDAQ:MGNX) on Friday. The stock, currently trading at $1.62, has experienced significant volatility with a 50% decline year-to-date, according to InvestingPro data.
The firm noted that lorigerlimab studies are progressing, with analysts anticipating the first major data release for metastatic castration-resistant prostate cancer (mCRPC). This study has enrolled 150 patients randomized to receive either lorigerlimab plus docetaxel or docetaxel alone. While the company maintains a strong liquidity position with a current ratio of 3.28, InvestingPro analysis indicates rapid cash burn remains a concern.
Citizens JMP views this upcoming update as important for establishing MacroGenics’ market opportunity following its vobra-duo product. The research note highlighted that lorigerlimab studies in platinum-resistant ovarian cancer (PROC) and clear cell gynecologic cancers (LINNET) are currently underway.
The firm indicated it is waiting for additional data to better assess the value of these clinical programs. MacroGenics is also developing an emerging pipeline beyond its current lead candidates.
No price target was specified in the research note accompanying the Market Perform rating reiteration.
In other recent news, MacroGenics has appointed Eric Risser as the new President and Chief Executive Officer, succeeding Scott Koenig. Risser, who has been with the company as Chief Operating Officer since 2022, takes over from Koenig, who led the company for 24 years and will remain as a Director and advisor. In financial developments, MacroGenics entered into a royalty purchase agreement with Sagard Healthcare Partners, securing $70 million upfront for a capped royalty interest on its drug Zynyz. This deal aims to bolster the company’s cash position, which stood at $154.1 million at the end of the first quarter of 2025.
Additionally, Stifel has maintained its "Hold" rating on MacroGenics stock following this royalty deal. Citizens JMP also reiterated its "Market Perform" rating on the company’s stock, reflecting the analysts’ steady outlook. The agreement with Sagard allows MacroGenics to eventually regain all future royalties from Zynyz once Sagard collects $140 million in royalties. These strategic moves represent significant developments for MacroGenics as it navigates the evolving biotech landscape.
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