After Reporting Five Patient Deaths, Data Committee Recommends MacroGenics Halt Prostate Cancer Trial
Portfolio Pulse from Vandana Singh
MacroGenics Inc. (NASDAQ:MGNX) has halted its Phase 2 TAMARACK trial for vobramitamab duocarmazine after reporting five patient deaths. The company will present further data at the ESMO Congress 2024. Concurrently, MacroGenics achieved $100 million in milestones from Incyte Corporation (NASDAQ:INCY) for the development of Zynyz. Analysts have downgraded MacroGenics, leading to a significant drop in its stock price.
July 31, 2024 | 5:45 pm
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NEGATIVE IMPACT
MacroGenics halted its Phase 2 TAMARACK trial for vobramitamab duocarmazine after five patient deaths. Analysts downgraded the stock, leading to a 28.59% drop in its price.
The halting of the trial due to patient deaths is a significant negative event. Analyst downgrades and a substantial drop in stock price further indicate a negative short-term impact.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100
NEUTRAL IMPACT
Incyte Corporation achieved a $100 million milestone from MacroGenics for the development of Zynyz. This positive development is overshadowed by the negative news surrounding MacroGenics.
While the $100 million milestone is a positive development for Incyte, the overshadowing negative news about MacroGenics' trial halt may neutralize the short-term impact.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50