On Monday, BTIG set a new price target for MacroGenics (NASDAQ:MGNX) shares, increasing it to $24.00 from the previous $12.00, while maintaining a Buy rating. The revision comes after discussions with key opinion leaders (KOLs) who expressed optimism regarding the potential of MacroGenics's drug, vobra duo™, in treating prostate cancer.
The analysts at BTIG have doubled their price target based on feedback from KOLs who found the data from the European Society for Medical Oncology (ESMO) 2021 conference promising. The reported data highlighted an objective response rate (ORR) of 25% and a PSA50 response rate (RR) of 53.8%, with notable durability.
The upcoming Tamarack trial results are highly anticipated, with MacroGenics expecting significant outcomes such as a PSA50 RR of 40-60%, an ORR of at least 25%, and a radiographic progression-free survival (rPFS) of a minimum of six months.
MacroGenics's Tamarack trial is set to present data this year, showcasing the effectiveness of vobra duo in a cohort of 150 patients, both taxane-experienced and taxane-naïve, all of whom have previously been treated with novel hormonal agents (NHAs). Positive results, particularly from the chemo-naïve group, could pave the way for a Phase 3 trial in earlier treatment settings.
According to the KOLs consulted by BTIG, antibody-drug conjugates (ADCs) like vobra duo are likely to encounter minimal competition from radiopharmaceuticals in this space. ADCs are considered more effective in patients with visceral disease and have a better therapeutic index compared to docetaxel, as well as lower rates of bone marrow toxicity. These characteristics could position ADCs as the treatment of choice for patients who progress on radiopharmaceuticals, including Pluvicto, which has demonstrated some overlapping toxicity or myelosuppression.
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