SNY - Why Shares of MacroGenics Are Jumping Thursday

2023-08-10 12:33:41 ET

Shares of MacroGenics (NASDAQ: MGNX) were up more than 24% as of 11:45 a.m. on Thursday after the biotech company announced second-quarter earnings. The stock is down more than 7% so far this year.

MacroGenics focuses on antibody-based therapeutics for the treatment of cancer. On Wednesday, after the markets closed, the company reported that it had net income in the second quarter of $57.5 million compared to a net loss of $41.3 million for the same period a year ago. It also said that revenue was $13.1 million, down 49.6% year over year.

The company had other news that helped drive the stock. It said that it had received a $50,000 milestone payment from Sanofi (NASDAQ: SNY) due to positive top-line data from Tzield in a type-1 diabetes study. MacroGenics also said it had begun a phase 2 study for lorigerlimab as a treatment for metastatic castration-resistant prostate cancer (mCRPC) patients and was beginning enrollment in a phase 2 study for vobramitamab duocarmazine to treat mCRPC patients. MacroGenics has nine programs in its pipeline.

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