MacroGenics upgraded to Buy at Guggenheim after Q3 earnings

As previously reported, Guggenheim analyst Charles Zhu upgraded MacroGenics to Buy from Neutral with a $12 price target following the company’s Q3 earnings report. The company’s Phase 2 TAMARACK study has completed enrollment ahead of schedule and the company now heads into “a nearer-term potential catalyst” in the first half of 2024, the analyst tells investors. In context of all this upcoming catalyst, as well as other developments and the company’s roughly $5.40 per share in cash and 2026 cash runway, the firm sees the risk-reward as “skewed to the upside from current levels.”