As previously reported, Morgan Stanley analyst David Lebowitz downgraded MacroGenics to Underweight from Equal Weight with a price target of $6, down from $17. Based on recent data, he believes that margetuximab might be approvable, but that the drug probably has a limited market opportunity. He basis this view on the second interim survival analysis from the Phase 3 SOPHIA trial which he believes suggests that the drug is unlikely to achieve an overall survival benefit when the final analysis is complete in 2020, Lebowitz explains to investors. Though MacroGenics has an "expansive" R&D program with multiple candidates of interest, Lebowitz said he needs to see "clean data" before gaining more comfort in the pipeline opportunities, he added.