MacroGenics upgraded to Buy at Citi on accelerating momentum in ADC space

As previously reported, Citi analyst Yigal Nochomovitz upgraded MacroGenics to Buy from Neutral with a price target of $13, up from $7. The stock has performed very well over the past 2 months, gaining about 80% on a combination of continued execution across the pipeline, increasing interest and investment from Pharma in the ADC class, and an improving biotech tape, the analyst tells investors in a research note. The enoblituzumab safety signal that drove the downgrade last November is no longer part of the debate given an increasing focus on the ADC portfolio, the firm states, adding that it sees MacroGenics positioned to continue benefiting from accelerating momentum in the ADC space, especially as the company begins to share more details on its wave of next-gen ADC programs over the next 12 months.