MacroGenics Inc (NASDAQ: MGNX) Records Over 200% Gains After Beating Q1 Revenue Estimates

MacroGenics Inc (NASDAQ: MGNX) went parabolic yesterday, closing the day with gains of 230.92%. This came after the company released Q1 results that beat revenue estimates. Total revenues for the quarter stood at $13.7 million, compared to $9.7 million in a similar quarter in 2019. The company attributed this to the recognition of revenues from manufacturing services for its clinical supplies deal with Incyte and Zai Lab. It also attributed the strong revenues to a milestone payment from an agreement with Zai Lab in greater China.  

The company also noted that net loss for the quarter stood at $44.7 million, compared to $45 million in Q1 of2019.  Its cash position for the quarter stood at $170.8 million, compared to $215.8 million in Q1 of 2019.

While releasing its Q1 results, the company also announced data on recent clinical trials. It stated that, recently an academic presented data that showed a TP53 mutational status in patients suffering from acute myeloid leukemia and that it had a correlation with an immune-infiltrated tumor that was linked to a flotetuzumab response, which is a bispecific CD123 x CD3 DART® molecule.

The company also announced in the next American Society of Clinical Oncology annual meeting, it plans to do an oral presentation that will touch on the dose escalation and expansion of its ongoing phase 1 /2 study of MGC018, an investigational bi-specific DART® molecule.  The company also announced that it would take part in several other presentations in the course of Q2 of 2020.

Looking at its price action, the stock opened the day at $9 and traded between a low of $8.31 and a high of $27.34, before closing the day at $25.15. Volumes in the day stood at 85.38 million.

About MacroGenics Inc

MacroGenics Inc is a biopharma company that makes anti-body cancer therapies. It is based in Rockville, Maryland.