3 Reasons to Buy This Biotech Stock

MGTA is assailing new heights after Raymond James initiated coverage

Mar 15, 2019 at 3:00 PM
facebook X logo linkedin


Magenta Therapeutics Inc (NASDAQ:MGTA) is among the best Nasdaq stocks today, thanks to some upbeat analyst attention. Specifically, Raymond James launched coverage of the biotech stock with an "outperform" rating and $22 price target -- representing a 60% premium to Thursday's close. The analyst gave three reasons for the bullish initiation: encouraging clinical results -- and "an opportunity to significantly increase the utilization" of -- its MGTA-456 stem cell therapy; the prospects for MGTA-145; and the potential for Magenta's C200 to alleviate headwinds for cell-based gene therapies.

MGTA shares were last seen 27.8% higher at $17.52, and earlier touched an all-time high of $17.95. Today's rally has the stock barreling through former resistance in the $16-$16.50 neighborhood, which has contained most advances since its initial public offering (IPO) -- priced at $15 -- and debut in June.

Considering the shares have more than tripled since their record low of $5.31 on Dec. 28, it's not surprising that most analysts are already bullish on MGTA. The stock currently boasts five "buy" or better ratings, with not a single "hold" or "sell" in sight. However, some price-target hikes could be in store, as the consensus 12-month price target of $20.33 now represents just a 16% premium to current levels.

What's more, a short squeeze could be in effect. Short interest accounts for more than 5% of MGTA's total available float, representing more than three weeks' of pent-up buying demand, at the security's average pace of trading.

 

 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI