MacroGenics stock falls after study shows breast-cancer survival rates for drug didn’t surpass standard treatment

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MacroGenics Inc.
MGNX,
-3.20%
shares dropped late Tuesday after the biotech drug developer said its breast-cancer treatment didn’t perform as well as standard treatment in a late-stage clinical study. MacroGenics shares, which had been halted after hours, dropped as much as 20% in the extended session after finishing the regular session down 3.2% at $21.78. The company reported that in a Phase 3 study its drug Margenza did not result in better statistically significant survival rates when compared with trastuzumab. The company received Food and Drug Administration approval for Margenza in 2020, but a full approval was conditioned on progression-free survival rates.

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