MGNX - Here's Why MacroGenics Stock Is Skyrocketing 171% Today
After MacroGenics (NASDAQ: MGNX) updated investors on its clinical-stage drug pipeline and current financial position, its shares are soaring 171% as of 12:45 am EDT Wednesday.
MacroGenics' lead drug candidate is margetuximab, an optimized formulation of the top-selling breast cancer drug Herceptin. After the market's closing bell on Tuesday, the biotech company's management said it remains on track to report final overall survival (OS) data for the phase 3 SOPHIA study of margetuximab in HER2-positive metastatic breast cancer this year. If the data is solid, MacroGenics believes it could get a Food and Drug Administration decision as soon as December 2020.
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