Oppenheimer Starts Medicenna Therapeutics (MDNA) at Outperform
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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."
Shares of Medicenna Therapeutics closed at $3.82 yesterday.
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