Macrogenics (MGNX) stock experiences a tremendous fall of 9.96% after the research concluded that breast cancer survival rates for the medication did not surpass normal treatment. However, the last trading session closed at $21.78 with a decrease of 3.2%.
MGNX Announces Final Overall Survival Results from SOPHIA Study
MGNX announced on 7th September 2021 that according to Overall survival (OS) MARGENZA did not have any significant benefit over trastuzumab. The SOPHIA Phase 3 study’s final overall survival (OS) outcomes in adult patients with metastatic HER2-positive breast cancer.
The United States Food and Drug Administration (FDA) authorized MARGENZA in conjunction with chemotherapy in 2020 for adult patients with metastatic HER2-positive breast cancer who had undergone two or more previous anti-HER2 regimens.
The results of the SOPHIA trial, which compared MARGENZA with chemotherapy versus trastuzumab plus chemotherapy in patients with metastatic HER2-positive breast cancer, formed the foundation for its complete approval.
Participation in upcoming conferences
MGNX announced to participate in certain upcoming conferences on 2nd September 2021. In September, the Company’s management will attend the following investment conferences:
The 16th Annual BioPharma Virtual Conference will be hosted by Citi. On Thursday, September 9, 2021, at 1:25 p.m. ET, MacroGenics’ President and Chief Executive Officer, Scott Koenig, M.D., Ph.D., will participate in a panel discussion titled Novel Antibodies and Protein Therapies in Oncology.
The 23rd Annual Global Investment Conference of H.C. Wainwright will take place from September 13-15, 2021. MacroGenics management will engage in a fireside chat, which will be accessible for on-demand watching. In addition, management will meet with employees one-on-one.
The Cantor Virtual Global Healthcare Conference will be held on 30th September 2021. Management from MacroGenics will participate in a fireside talk on Thursday, September 30, 2021, at 12:40 p.m. ET.
MGNX announces 2nd Quarter Financial results 2021
MGNX stated financial results of 2nd quarter 2021 on 29 July 2021. Total revenue for the quarter ended June 30, 2021, was $30.8 million, largely from collaboration partnerships, with $3.2 million in net sales of MARGENZA.
This was largely attributable to a $14.4 million revenue recognition from Zai Lab linked to the recent June 2021 cooperation announcement, as well as a $5 million milestone recognition from Incyte Corporation.
However, MGNX faced a net loss of $39.9 million for the quarter ended June 30, 2021.
