Magenta Therapeutics Inc. (MGTA) stock rebounded to enter an uptrend in the pre-market on Thursday. The stock seems to be gaining on the news of the company’s upcoming presentations at two conferences in January.
During the regular trading session, the stock fluctuated between a high of $4.80 and a low of $4.42. MGTA closed the session at $4.46, suffering from a loss of 6.50% at 192.7K shares. Following the emergence of the news, the stock entered green in the pre-market to gain 8.30% at $4.83 per share.
Currently, the clinical-stage biotechnology company, Magenta Therapeutics Inc. has a market capitalization of $280.37 million. Its 58.78 million outstanding shares have subtracted a value of 3.46% in the past five days and 43.47% last year.
MGTA’s Presentations
On January 05, the company announced its participation in two upcoming investor conferences. Firstly, the company will participate in the 40th Annual J.P. Morgan Healthcare Conference. This conference will be taking place virtually on Thursday, January 13. Secondly, MGTA will also participate in the B. Riley Virtual Oncology Conference. The conference is set to be held on Friday, January 28.
ASH Annual Meeting Presentations
On December 14, the company highlighted data from its clinical trials presented at the ASH Annual Meeting.
Phase 2 clinical trial of MGTA-145
According to the presentation, in the Phase 2 trial in multiple myeloma, MGTA0145 plus plerixafor:
- Attained primary endpoint for collection of HSCs (hematopoietic stem cells)
- Showed favorable tolerability
- Mobilized HSCs resulting in successful engrafting with 100-day positive outcomes
Hence, MGTA plans to commence a self-sponsored Phase 2 trial based on the positive data from the investigator-initiated trial.
Targeted Conditioning Data
The company also had two more data presentations at the meeting. These were:
- Non-human primate data that supported CD117-targeted ADC use to condition for HSC gene therapy. As per the data, a single dose of the ADC led to comparable levels of gene-therapy cell engraftment. This was previously achieved by multiple doses of busulfan, hence avoiding its toxicities.
- Preclinical mouse data supporting CD117-targeted ADC use in combination with lymphodepletion to condition before allogeneic HSC transplant. As per this data, the ADC tool was successfully used in combination for enabling allogeneic transplant in immune-competent murine models.
MGTA’s Financials
In the third quarter of 2021, the company had a loss of $17.4 million, against $17.7 million in Q3 of 2020.
MGTA ended the quarter with cash, cash equivalents, and marketable securities of $192.6 million.
