UPDATE: B.Riley Starts Magenta Therapeutics (MGTA) at Buy

B.Riley analyst Kalpit Patel initiates coverage on Magenta Therapeutics (NASDAQ: MGTA) with a Buy rating and a price target of $21.00.

The analyst comments "We are initiating coverage of Magenta Therapeutics, Inc. with a Buy rating and a 12-month price target of $21 per share based on our conviction that the company’s core pipeline programs could fundamentally revolutionize key prerequisite steps for conducting hematopoietic stem cell transplants. Magenta’s lead clinical candidate, MGTA-145, is designed to simplify the first step of the procedure, the “mobilization” process, which essentially moves stem cells from the bone marrow into the blood to facilitate easier collection. The second core candidate, MGTA-117, is engineered to make the next step of the transplant protocol safer by decreasing the toxicity from conventional chemotherapy/radiation-based regimens. Magenta also has several additional early-stage candidates that aim to improve the outcomes for various transplant indications. At an enterprise value of ~$400M, we believe MGTA’s shares offer an attractive risk/reward profile to investors."

For an analyst ratings summary and ratings history on Magenta Therapeutics click here. For more ratings news on Magenta Therapeutics click here.

Shares of Magenta Therapeutics closed at $10.40 yesterday.

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