MacroGenics upgraded to Buy from Hold at TD Cowen

TD Cowen upgraded MacroGenics to Buy from Hold without a price target. The analyst says initial Phase II safety beat expectations and increases conviction in the vobramitamab duocarmazine duo ultimately conferring meaningful clinical benefit in the next update in May. The duo could at least prove better than chemo alone and be used as an important part of the second-line metastatic castration-resistant prostate cancer armamentarium with $1.8B potential, the analyst tells investors in a research note. The firm sees an attractive risk/reward for MacroGenics shares heading into the May data.