BTIG analyst Yun Zhong lowered the firm’s price target on Magenta Therapeutics to $3 from $6 but keeps a Buy rating on the shares. The dose-limiting toxicities, or DLTs, that the company reported from Cohort 4 of the ongoing Phase 1/2 study of MGTA-117 was a surprising update after the good safety and tolerability data from Cohorts 1-3 that were reported last week at ASH, the analyst tells investors in a research note. Zhong adds that these DLTs do limit the therapeutic window and introduce uncertainties to the overall safety profile of MGTA-117, though his Buy rating is still warranted as the stock’s current valuation does not fully reflect the potential of Magenta’s pipeline.
Published first on TheFly
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