Why MacroGenics Stock Is Tanking Today

Shares of MacroGenics (NASDAQ: MGNX) were tanking 26.4% lower as of 11:39 a.m. EDT on Thursday. The big decline came after the company announced data from a cohort in a phase 3 study evaluating margetuximab in combination with retifanlimab in treating gastroesophageal adenocarcinoma, cancer of the stomach and esophageal junction with the stomach. MacroGenics also announced preliminary data from a phase 1 clinical study evaluating MGC018 in treating advanced solid tumors.

MacroGenics reported that 21 of 40 patients in the phase 3 cohort who received the margetuximab-retifanlimab combo achieved confirmed responses with tumor shrinkage observed at the first scan of 78% of patients. The company said that the median duration of response was 10.3 months. It also noted that the combo was tolerated relatively well with no life-threatening adverse events, although 19% of patients experienced severe adverse events.

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Source Fool.com