Stifel analyst Stephen Willey raised the firm’s price target on MacroGenics to $17 from $15 and keeps a Buy rating on the shares after the company disclosed the sale of its single-digit royalty interest recently-launched TZIELD to DRI Healthcare Trust. The firm believes the transaction structure is "favorable" and "more importantly" further strengthens a balance sheet that has recently benefitted from $120M in non-dilutive capital received in less than six months. Stifel still views a potential update on combination MGC018/lorigerlimab development in solid tumors as a key year-end 2023 catalyst, the analyst added.
Published first on TheFly
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