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MacroGenics (MGNX) Stock Crashes After Reporting Patient Deaths in TAMARACK Study – Hagens Berman

Monday, May 13, 2024 2 min read
Key Takeaway: MacroGenics, Inc. (MGNX) faced a major setback following the revelation of patient deaths in its Phase 2 TAMARACK study for MGC018. Initially, positive preliminary safety data had led to a significant stock price increase. However, the subsequent announcement of five patient deaths triggered a massive stock drop of approximately 77% and resulted in multiple analyst downgrades. Additionally, there is an ongoing investigation to determine if the company misled investors regarding the safety of its drug.

Market Sentiment Analysis

CONCERNS & RISKS

  • Five patients in the TAMARACK study died, raising serious safety concerns.
  • The stock price fell by approximately 77%, indicating a significant loss of investor confidence.
  • Analysts downgraded MacroGenics due to the stark contrast between safety data and previously communicated results.
  • The ongoing investigation into whether MacroGenics misled investors adds further risk.

Full Press Release Details

SAN FRANCISCO, May 13, 2024 (GLOBE NEWSWIRE) -- Hagens Berman urges MacroGenics, Inc. (NASDAQ: MGNX) investors who suffered substantial losses to submit your losses now.
Visit: www.hbsslaw.com/investor-fraud/mgnx
Contact the Firm Now: MGNX@hbsslaw.com
MacroGenics, Inc. (MGNX) Investigation:
The investigation currently focuses on the propriety of MacroGenics’ statements about certain data from its Phase 2 TAMARACK study for its antibody-drug conjugate MGC018 (“vobra duo”) in patients with metastatic castration-resistant prostate cancer (“mCRPC”).
On Apr. 3, 2024, MacroGenics announced Phase 2 TAMARACK interim safety data as contained in its abstract submitted to the American Society of Clinical Oncology on Feb. 6, 2024. The company said “[p]reliminary safety data from TAMARACK suggest that reducing the dose and frequency of vobra duo improves its safety and tolerability in men with mCRPC.” This news drove the price of MacroGenics shares up $4.11 (or up about 30%) on Apr. 4, 2024.
However, the optimism was short-lived. On May 10, 2024, MacroGenics revealed that 5 patients in the study died. This news drove the price of the company’s shares crashing $11.36 (or down about 77%) on May 10, 2024 and resulted in a slew of analyst downgrades.
In addition, SeekingAlpha reported that “Stifel was quick to downgrade MacroGenics (MGNX) after the TAMARACK readout, which, according to the firm, raised concerns over the drug’s safety and tolerability and appeared vastly different from previously disclosed abstract results.”
“We’re investigating whether MacroGenics may have misled investors about its Phase 2 TAMARACK interim safety data,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in MacroGenics and have substantial losses submit your losses now »
If you’d like more information about the MacroGenics investigation, read more »
Hagens Berman is a global plaintiffs’ rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman’s team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Reed Kathrein, 844-916-0895

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Frequently Asked Questions

What is the focus of the MacroGenics investigation?

The investigation examines MacroGenics' statements regarding data from its Phase 2 TAMARACK study for MGC018 in patients with mCRPC.

What caused MacroGenics' share price to drop significantly?

The share price plummeted after MacroGenics reported five patient deaths in the study on May 10, 2024.

Which firm is leading the investigation into MacroGenics?

Hagens Berman, represented by Reed Kathrein, is leading the investigation into MacroGenics.

Were there positive reports about MacroGenics before the share drop?

Yes, preliminary safety data on April 3, 2024, initially led to a 30% increase in share price.

How are investors advised to respond to losses from MacroGenics?

Investors who faced significant losses are urged to submit their losses to Hagens Berman now.

Tags: MGNX Viatris Investor Conferences Healthcare MacroGenics TAMARACK study patient deaths investor losses
Last updated: May 13, 2024