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