MGNX - Why MacroGenics Stock Is Falling Today
After a key investment research firm on Wall Street issued a discouraging assessment for its most advanced clinical drug program, MacroGenics (NASDAQ: MGNX) saw its shares lose over 10% of their value in early trading before bouncing back to a 7.5% drop at 11:30 a.m. EST on Thursday.
MacroGenics is developing margetuximab, an optimized formulation of the top-selling breast cancer drug Herceptin. Earlier this year, management reported margetuximab delivered improved progression-free survival (PFS) versus Herceptin in late-stage studies. Specifically, the median PFS was 5.8 months versus 4.9 months in the Herceptin arm of the study. Also, PFS was 6.9 months versus 5.1 months for Herceptin in those with the CD16A 158F allele, a particularly tough-to-treat subgroup.
Image source: Getty Images.