MACK - MacroGenics - Missing Data Is Rarely Good
On February 6, 2019, MacroGenics (MGNX) reported that the SOPHIA trial comparing margetuximab plus chemotherapy to Herceptin plus chemotherapy met the primary endpoint of progression free survival with a hazard ratio of 0.76 with an accompanying p-value of 0.033. This rather surprising result caused the stock to go up as much as 191% intraday. Clearly, investors were excited by what they saw. However, I see major problems with this program and the data that management has presented. Perhaps even more important than what was presented on the 6th is what wasn’t presented on