Oppenheimer Starts Medicenna Therapeutics (MDNA) at Outperform

December 17, 2020 4:04 PM EST
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Price: $2.49 +1.22%

Rating Summary:
    1 Buy, 0 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 8 | Down: 13 | New: 22
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Oppenheimer analyst Matthew Biegler initiates coverage on Medicenna Therapeutics (NASDAQ: MDNA) with a Outperform rating and a price target of $12.00.

The analyst comments "Cytokines were among the first successful immuno-oncology (I/O) drugs, and we believe we are in the midst of a cytokine therapy renaissance today. First pioneered in the 1980s, high-dose interleukin-2 (IL-2, Proleukin) remains an effective therapy for certain tough-to-treat cancers. However, Proleukin is also highly toxic and has taken a back seat to newer I/O drugs, especially PD-1 antibodies. Medicenna is developing a pipeline of next-generation cytokines that are designed to be safer and more efficacious than Proleukin, as well as many competing new IL-2 variants. Medicenna’s lead product, MDNA11, is slated to enter the clinic in mid-2021, and has what we see as a best-in-class preclinical profile that could set it apart from a pack of competing cytokine therapies."

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

Shares of Medicenna Therapeutics closed at $3.82 yesterday.

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