MGNX - MacroGenics stock climbs ~10% as FY22 revenue rises beating estimates
2023-03-16 11:50:35 ET
- MacroGenics ( NASDAQ: MGNX ) stock rose ~13% on Thursday after FY22 revenue beat estimates.
- Net loss narrowed to -$119.76M, compared to -$202.12M in Full year 2021.
- Total revenues grew +96.2% Y/Y to $151.94M, surpassing analysts estimates.
- "Our recent presentation of encouraging, preliminary lorigerlimab data in patients with metastatic castration-resistant prostate cancer (mCRPC) at the ASCO Genitourinary Cancers Symposium, together with data we previously shared regarding vobramitamab duocarmazine in mCRPC patients, supports continued development of our two potential new treatment options for men with prostate cancer," said MacroGenics President and CEO Scott Koenig.
- Koenig added that the company plans to submit an investigational new drug (IND) application to the U.S. Food and Drug Administration (FDA) seeking approval to start a trial of a new antibody-drug conjugate (ADC) later this year.
- MacroGenics expects its cash, cash equivalents and marketable securities of $154.3M as of Dec. 31, 2022, plus $100M proceeds from DRI related to the sale of the company's Tzield royalty interest, future payments from partners and product sales to extend its cash runway through 2025.
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MacroGenics stock climbs ~10% as FY22 revenue rises beating estimates