Biopharmaceutical company MacroGenics’ (NASDAQ:MGNX) stock is soaring today after it announced a collaboration with Gilead Sciences (NASDAQ:GILD) for the development of bispecific antibodies.
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Under the agreement, Gilead can choose to license MGD024, a potential treatment for certain blood cancers.
Further, MGNX will receive $60 million in upfront payment and stands to potentially receive up to $1.7 billion in various milestone payments apart from royalties in the double digits under this collaboration.
Is MGNX Stock a Buy?
The consensus rating for MGNX remains a Strong Buy based on seven Buys and Two Holds. Further, the average analyst price target of $9.29 points to a massive 154.17% potential upside in the stock.
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