Magenta Therapeutics Inc. (MGTA) closed at $6.30 last checked in after-hours trading, down -6.39%. MGTA closed the last session at $6.73, up 4.99% or $0.32. Over the course of the day, MGTA’s stock fluctuated between $6.23 and $6.78. MGTA stock exchanged 0.22 million shares on the day, less than its 50-day daily volume of 0.25 million and less than its Year to Date volume of 0.26 million.
For the past year, the MGTA stock has moved down -5.87%. In the last week, the stock has moved down -5.48%. MGTA stock has decreased by -30.97% for the past six months, and it has decreased by -40.76% for the past three months. In terms of returns, the stock has dropped by -14.16% this year. Following its recent quarterly results, the MGTA stock lost ground.
How did MGTA Stock perform in the last quarter?
Magenta Therapeutics develops medicines to bring stem cell transplantation to more patients suffering from blood cancers, genetic disorders, and autoimmune disorders. By bringing together expertise in stem cell biology, biotherapeutic development, a unique business model, and connections to the stem cell transplant community, MGTA is revolutionizing immune reset for more patients. Cambridge, Massachusetts, is home to MGTA.
Last week, Magenta Therapeutics published its financial results and highlights of recent programs for the second quarter of 2021.
MGTA Stock Financial Highlights:
- According to MGTA’s June 30, 2021, financial report, cash, cash equivalents, and marketable securities stood at $207.8 million, up from $148.8 million at December 31, 2020.
- It is anticipated that MGTA will have adequate cash, cash equivalents, and marketable securities to support operations and capital expenditures through Q3 2023.
- As of Q2 2021, MGTA’s research and development expenditures were $11.1 million; as of Q2 2020, they were $12.6 million.
- This decrease was primarily due to the completion of manufacturing activities for MGTA-117 to support its IND application and upcoming clinical trials.
- MGTA’s general and administrative expenses for Q2 2021 were $6.5 million, down from $7.4 million for Q2 2020.
- MGTA suffered a net loss of $16.9 million for Q2 2021, compared to a loss of $19.1 million for Q2 2020.
Business highlights:
In Q2 2021, Magenta Therapeutics (MGTA) welcomed three new members to its Executive Team: Caren Deardorf, Thomas Beetham, and David Nichols. The MGTA closed a private placement financing of $86.4 million in May 2021. Mike Bonney resigned from MGTA’s Board and all of its committees, reducing MGTA Board from 10 members to 9, and Alison Lawton, a current Board member, has been appointed Chair, and Jeff Albers, also a member, has been added to the Board’s audit committee.
