MGNX - Here's Why MacroGenics Is Tumbling 17.3% Today
MacroGenics (NASDAQ: MGNX) shares are falling 17.3% as of 12:15 p.m. EST on Friday. The drop coincides with the release of the company's presentations at the annual American Society of Clinical Oncology meeting, and it follows a surge in its share price earlier this month.
The ASCO conference is highly anticipated, and historically, investors have bought shares in stocks presenting at the conference ahead of time, hoping for a short-term pop. That strategy worked out well for investors in MacroGenics, which saw its share price triple in the past month because of positive news regarding its lead drug candidate, margetuximab, and promising data for MGD013 and MGC018 reported in its ASCO abstracts on May 11.
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