MacroGenics (MGNX) PT Raised to $24 at BTIG, 'Discussions with Physicians Increase our Confidence in Vobra Duo’s Profile'

BTIG analyst Kaveri Pohlman raised the price target on MacroGenics (NASDAQ: MGNX) to $24.00 (from $12.00) while maintaining a Buy rating.

The analyst comments "We are increasing our PT to $24 from $12 based on our recent conversations with KOLs who remain excited about vobra duo’s potential in prostate cancer. Our KOL interactions suggest that the data reported at ESMO 2021 showed remarkable efficacy, and comparable data from the upcoming trial would be exciting. For context, ESMO 2021 results showed an ORR of 25% and a PSA50 RR of 53.8% (with encouraging durability). Additionally, for the upcoming Tamarack trial readout, MacroGenics believes that a PSA50 response rate of 40-60%, an ORR of at least 25%, and an rPFS of at least six months would be meaningful. For reference, the data expected this year from the Tamarack trial will show the efficacy of vobra duo in both taxane-experienced and taxane-naïve patients (all patients have seen NHAs, total n = 150). As a result, positive readouts from the chemo-naïve cohort could provide an opportunity to plan a P3 trial in earlier lines. In that regard, our KOL discussions suggest that ADCs are likely to face limited competition from radiopharmaceuticals since ADCs are more effective in patients with visceral disease. Additionally, ADCs have a superior therapeutic index than docetaxel and lower bone marrow toxicity rates. This feature could make ADCs a preferred choice of treatment in patients progressing on radiopharmaceuticals, such as Pluvicto, which has also shown overlapping toxicity or myelosuppression."

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