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LOS ANGELES, Aug. 30, 2024 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises MacroGenics, Inc. ("MacroGenics" or the "Company") (NASDAQ: MGNX) investors of a class action representing investors that bought securities between March 7, 2024, and May 9, 2024, inclusive (the "Class Period"). MacroGenics investors have until September 24, 2024 to file a lead plaintiff motion.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
A class-action lawsuit has been filed against MacroGenics, a biotech company, claiming it misled investors about the safety and effectiveness of its experimental cancer drug, vobra duo. The lawsuit, filed in the Southern District of New York, focuses on the company's statements about data from the Phase 2 TAMARACK clinical trial.
Leading up to the American Society of Clinical Oncology (ASCO) meeting in March 2024, MacroGenics promoted vobra duo as showing promising results for patients with metastatic castration-resistant prostate cancer (mCRPC). However, when interim safety data was released in April, it revealed a higher-than-expected rate of serious side effects.
On April 3, 2024, MacroGenics released interim data from the TAMARACK study, which had been outlined in an ASCO abstract submitted on February 6, 2024. The company claimed that reducing the dose and frequency of vobra duo improved safety and tolerability. This news led to a sharp increase in MacroGenics' share price, which went up by $4.11, or about 30%, on April 4, 2024.
However, the boost was short-lived. On May 10, 2024, MacroGenics reported that five patients in the study had died, causing the company’s share price to drop by $11.36, or roughly 77%, on the same day, leading to multiple analyst downgrades.
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