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Macrogenics offers major surprise with positive breast cancer data, as shares double

first_img What is it? Shares in Macrogenics, a Rockville, Md., developer of cancer drugs, doubled in premarket trading after the company announced positive results for a new breast cancer drug on Wednesday.“This is probably one of the biggest surprises of the year so far,” Umer Raffat, a biotechnology analyst at Evercore ISI, an investment bank, wrote in a note to investors. He argued that the drug in question, margetuximab, could generate as much as $650 million in worldwide annual sales based on the results, and that the market capitalization of Macrogenics, which was $469 million as of Tuesday’s close, could soar to $2 billion. Unlock this article by subscribing to STAT+ and enjoy your first 30 days free! GET STARTED Daily reporting and analysis The most comprehensive industry coverage from a powerhouse team of reporters Subscriber-only newsletters Daily newsletters to brief you on the most important industry news of the day STAT+ Conversations Weekly opportunities to engage with our reporters and leading industry experts in live video conversations Exclusive industry events Premium access to subscriber-only networking events around the country The best reporters in the industry The most trusted and well-connected newsroom in the health care industry And much more Exclusive interviews with industry leaders, profiles, and premium tools, like our CRISPR Trackr. What’s included? [email protected] Senior Writer, Medicine, Editorial Director of Events Matthew covers medical innovation — both its promise and its perils. Log In | Learn More Biotech Matthew Herpercenter_img GET STARTED STAT+ is STAT’s premium subscription service for in-depth biotech, pharma, policy, and life science coverage and analysis. Our award-winning team covers news on Wall Street, policy developments in Washington, early science breakthroughs and clinical trial results, and health care disruption in Silicon Valley and beyond. About the Author Reprints By Matthew Herper Feb. 6, 2019 Reprints Macrogenics offers major surprise with positive breast cancer data, as shares double Gerry Broome/AP @matthewherper Tags biotechnologySTAT+last_img read more

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