Why Shares of MacroGenics Are Jumping Thursday
Shares of (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.
Source Fool.com
MacroGenics Inc. Stock
MacroGenics Inc. is currently one of the favorites of our community with 14 Buy predictions and no Sell predictions.
Based on the current price of 3.13 € the target price of 12 € shows a potential of 283.14% for MacroGenics Inc. which would more than double the current price.
