More on B. Riley's initiation of coverage of MGTA
Magenta Therapeutics Shares Up 16%; B. Riley Initiates at Buy
BY Dow Jones & Company, Inc.
— 12:35 PM ET 05/18/2021
Magenta Therapeutics Inc. ( MGTA
) shares were up 16% to $12.04 in early afternoon trading.
B. Riley initiated coverage on the stock at Buy with a $21 price target.
"We are initiating coverage of Magenta Therapeutics Inc. ( MGTA
) with a Buy rating and a 12-month price target of $21 per share based on our conviction that the company's core pipeline programs could fundamentally revolutionize key prerequisite steps for conducting hematopoietic stem cell transplants," the firm said in an analyst note.
Magenta is a clinical-stage biotechnology company focusing on medicines for stem cell transplant in patients with blood cancers, genetic diseases and autoimmune diseases.
B. Riley said the company's core pipeline is addressing an area of high unmet need, which could enable broader market adoption. B. Riley said that based on its estimates, an additional 12,000 more bone marrow transplants are possible per year in the U.S. and EU if Magenta's lead products are successful. (This is the type of drug that could create its own market, as patients who were previously not eligible or who were very reluctant to seek bone marrow transplant may now do so--Blade)
"We project that the company's mobilization and conditioning programs could bring in a combined $1.5B in risk- unadjusted peak sales, respectively, across a range of indications," the analyst note said.
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