MacroGenics downgraded to Hold from Buy at Stifel

Stifel downgraded MacroGenics to Hold from Buy with a price target of $7, down from $29, following management’s disclosure of interim safety and efficacy results from the Phase 2 TAMARACK trial. The firm’s concerns are not efficacy-driven, but rather reflect safety and tolerability data, which it says doesn’t appear meaningfully-differentiated from the prior Phase 1 dose-expansion experience. The updated TAMARACK safety and tolerability data also appears disconnected from previously described abstract results – with severe pneumonitis also now emerging as a treatment emergent adverse events of potentially significant concern, the analyst tells investors in a research note.