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MacroGenics (MGNX) Investors Alerted to September 24th Deadline in Securities Class Action, Encouraged to Contact Hagens Berman
Globe Newswire 12-Sep-2024 3:49 PM
SAN FRANCISCO, Sept. 12, 2024 (GLOBE NEWSWIRE) -- Hagens Berman urges MacroGenics, Inc. (NASDAQ:MGNX) investors who suffered substantial losses to submit your losses now.
Class Action Lawsuit Against MacroGenics, Inc. (MGNX):
On July 30, 2024, shares in beleaguered pharmaceutical company MacroGenics crashed after the company provided an update for the Phase 2 TAMARACK study on its experimental cancer drug, vobra duo. The company revealed that the study's Independent Data Monitoring Committee recommended discontinuing additional vobra duo therapy in the study. The company said it agreed with the recommendation, citing patient safety. In response, the price of MacroGenics shares crashed 28% on July 31, 2024 and, unsurprisingly, certain analysts downgraded the stock.
The disclosure came on the heels of a class-action lawsuit that has been filed against MacroGenics alleging that it misled investors about the safety and efficacy of vobra duo. The suit, filed in the Southern District of New York, centers on the company's statements regarding data from a Phase 2 clinical trial known as TAMARACK.
Previously, in the lead-up to the American Society of Clinical Oncology (ASCO) meeting in March 2024, MacroGenics painted a positive picture of vobra duo's safety and efficacy. Executives suggested that the drug was showing promising results in patients with metastatic castration-resistant prostate cancer (mCRPC). However, when the company released interim safety data in April, it revealed that the drug had a higher-than-expected rate of serious side effects.
On Apr. 3, 2024, MacroGenics released interim safety data from the TAMARACK study, as detailed in an abstract submitted to ASCO on Feb. 6, 2024. The company stated, "Preliminary safety data from TAMARACK suggest that reducing the dose and frequency of vobra duo improves its safety and tolerability in men with mCRPC." This announcement led to a significant increase in MacroGenics' share price, which rose by $4.11, or approximately 30%, on Apr. 4, 2024.
But the euphoria was short-lived. On May 10, 2024, MacroGenics disclosed that five patients in the study had died. This revelation caused the company's share price to plummet by $11.36, or about 77%, on the same day, prompting numerous analyst downgrades.
"We're investigating whether MacroGenics may have downplayed safety concerns associated with vobra duo to inflate its stock price," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you'd like more information about the MacroGenics case and our investigation, read more »
About Hagens Berman 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.
