MacroGenics price target lowered to $8 from $18 at JMP Securities

JMP Securities analyst Silvan Tuerkcan lowered the firm’s price target on MacroGenics to $8 from $18 but keeps an Outperform rating on the shares as part of a broader research note on select Biotechnology names updating his valuation models. SMID-cap companies, particularly with less cash runway, are finally urgently focusing their pipelines and operations on key assets, but while this is a positive longer-term, workforce reductions are "unfortunately accelerating", the analyst tells investors in a research note. Tuerkcan adds however that he "sees value" in the MacroGenics’ ADCs and bispecific assets, specifically ADC MGC018 and bispecific lorigerlimab.