Why MacroGenics Stock Sank Today
MacroGenics (NASDAQ: MGNX) investors were suffering from a case of the Mondays, as their stock lost more than 8% of its value on the day. That compared rather unfavorably to the more than 1% gain of the S&P 500 index. MacroGenics' decline came about because of a fresh price target cut from an analyst.
Said analyst is H.C. Wainwright's Robert Burns, who before market open on Monday took a big ax to his target. Burns now feels that MacroGenics is worth $10 per share, quite a far distance down from his previous $35 per share evaluation. Yet even with that big chop, the prognosticator is maintaining his buy recommendation.
The analyst is concerned that Enhertu, a drug developed by Japanese biotech Daiichi Sankyo, could be more efficacious than a similar treatment from MacroGenics.
Source Fool.com
