MGNX - Why MacroGenics Stock Jumped 29% Today
Shares of MacroGenics (NASDAQ: MGNX) surged today, ahead of the May 13 release of abstracts of presentations scheduled for the American Society of Clinical Oncology meeting at the end of the month. Investor optimism that the abstracts will reveal promising data for the company's early-stage drugs sent shares soaring 29.4% by the close on Monday.
Margetuximab, an optimized formulation of the top-selling breast cancer drug Herceptin, is the biotech's most advanced drug. Last week, news that a Food and Drug Administration decision on margetuximab could happen by the end of 2020 sparked a one-day rally of over 200%. Today, the company's earlier-stage drug candidates, MGD013 and MGC018, are fueling optimism.
Image source: Getty Images.