UPDATE: Stifel Reiterates On MacroGenics On Strategic Development Shift

In a report published Wednesday, Stifel analyst Stephen Willey reiterated a Buy rating on MacroGenics (NASDAQ: MGNX), but lowered the price target from $53.00 to $51.00.

In the report, Stifel noted, “The strategic shift in P3 margetuximab development shouldn't materially-impact commercialization timelines and ultimately expands the addressable market opportunity into a larger number of high-expressing HER2+ refractory metastatic breast cancer (mBCA) patients. The continued expansion of the MGA271 development program and the incremental disclosure of a CD19-targeting DART (MGD011) are incremental positives. Specific data timelines remain elusive but we'd anticipate a number of significant disclosures throughout FY15. Target to $51 (previously $53) on margetuximab estimate adjustments. Remains a core small cap name.”

MacroGenics closed on Tuesday at $21.15.