Why MacroGenics Stock Soared Then Sank Today
Shares of MacroGenics (NASDAQ: MGNX) initially soared as much as 14% on Thursday but were down 3.6% as of 3:34 p.m. EST. The gyrations came after the company announced Wednesday that the U.S. Food and Drug Administration (FDA) approved Margenza in combination with chemotherapy as a third-line treatment for HER2-positive breast cancer.
The initial jump for the biotech stock is understandable. Investors usually get excited when a drugmaker wins its first FDA approval. So why did MacroGenics stock then nosedive? Taking a look at one Wall Street analyst's reaction could help make sense of today's reversal.
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Source Fool.com