MacroGenics Gets Downgraded Following Disappointing Prostate Cancer Trial Results: ‘We Were Surprised By Reported Deaths’

MacroGenics Inc (NASDAQ:MGNX) released interim data from the TAMARACK Phase 2 study of vobramitamab duocarmazine (vobra duo).

TAMARACK is being conducted in previously treated patients with metastatic castration-resistant prostate cancer (mCRPC).

MacroGenics reported five deaths (fatal outcome) during the trial. It also reported over 50% rate of grade 3, or worse, adverse events in both dose cohorts (2 mg/kg and 2.7 mg/kg every four weeks).

• B Riley maintains the Buy rating on MacroGenics with a price target of $25.
• BMO Capital Markets downgraded MacroGenics from Outperform to Market Perform with a price target of $8 from $24 on lower conviction on the prostate cancer program.
• JMP writes while maintaining the Outperform rating.

B Riley notes that an unexpected increase in treatment interruptions and discontinuations from week 12 to week 24 could imply a lower likelihood of …

Full story available on Benzinga.com