MGNX - MacroGenics (MGNX) Stock Crashes After Reporting Patient Deaths in TAMARACK Study - Hagens Berman
SAN FRANCISCO, May 10, 2024 (GLOBE NEWSWIRE) -- Hagens Berman urges MacroGenics, Inc. (NASDAQ: MGNX) investors who suffered substantial losses to submit your losses now .
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MacroGenics, Inc. (MGNX) Investigation:
The investigation currently focuses on the propriety of MacroGenics’ statements about certain data from its Phase 2 TAMARACK study for its antibody-drug conjugate MGC018 (“vobra duo”) in patients with metastatic castration-resistant prostate cancer (“mCRPC”).
On Apr. 3, 2024, MacroGenics announced Phase 2 TAMARACK interim safety data as contained in its abstract submitted to the American Society of Clinical Oncology on Feb. 6, 2024. The company said “[p]reliminary safety data from TAMARACK suggest that reducing the dose and frequency of vobra duo improves its safety and tolerability in men with mCRPC.” This news drove the price of MacroGenics shares up $4.11 (or up about 30%) on Apr. 4, 2024.
However, the optimism was short-lived. On May 10, 2024, MacroGenics revealed that 5 patients in the study died. This news drove the price of the company’s shares crashing $11.36 (or down about 77%) on May 10, 2024 and resulted in a slew of analyst downgrades.
In addition, SeekingAlpha reported that “Stifel was quick to downgrade MacroGenics (MGNX) after the TAMARACK readout, which, according to the firm, raised concerns over the drug’s safety and tolerability and appeared vastly different from previously disclosed abstract results .”
“We’re investigating whether MacroGenics may have misled investors about its Phase 2 TAMARACK interim safety data,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in MacroGenics and have substantial losses submit your losses now »
If you’d like more information about the MacroGenics investigation, read more »
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com . Follow the firm for updates and news at @ClassActionLaw .
Contact:
Reed Kathrein, 844-916-0895