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Hawk’s Nest

Unusual Call Buys Sees Upside in Small Biotech

by | Jan 16, 2024

MacroGenics (MGNX) unusual 975 June $15 calls bought $1.35, strong trend chart in Biotech. Citi upgraded to Buy 12/9 noting continued execution across the pipeline, increasing interest and investment from Pharma in the ADC class, and an improving biotech tape. It sees MacroGenics positioned to continue benefiting from accelerating momentum in the ADC space, especially as the company begins to share more details on its wave of next-gen ADC programs over the next 12 months. The company’s Phase 2 TAMARACK study has completed enrollment ahead of schedule and the company now heads into a nearer-term potential catalyst in the first half of 2024