Guggenheim downgraded MacroGenics to Neutral from Buy without a price target. The company provided an update on the Phase II TAMARACK study of its lead program, vobra duo, wherein it was announced that MacroGenics and the study’s Independent Data Monitoring Committee have decided to discontinue study treatment for the remaining metastatic castration-resistant prostate cancer patients following review of the accumulated data. The firm expects investors to be disappointed by the news given TAMARACK represented a key near-term catalyst for the stock. It thinks investors will adopt a “show me” mentality towards MacroGenics and shares are likely to remain range-bound in the near-term given a lack of data flow.
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