MacroGenics (MGNX) stock slipping after huge move

 

What happened

Shares of MacroGenics (MGNX) stock surged as high as 190% Wednesday after the company announced positive results from a SOPHIA clinical study of margetuximab, a breast cancer treatment. The Phase 3 result data showed that margetuximab, in combination with chemotherapy, saw a 24% risk reduction in progression-free survival in patients with HER2-positive metastatic breast cancer.

What’s Happening Now

MGNX stock is currently trading at $23.34 as of 11:20 AM on Thursday, Feb 7, a drop of -$2.26, or -8.83% from the previous closing price of $25.60. The stock has traded between $23.09 and $26.39 so far today. Volume today is above average. So far 1,864,452 shares have traded compared to average volume of 1,372,057 shares.

Meanwhile, the major indices are on the decline. The Dow Jones Industrial Average is lower by -0.96% to 25,146.29. The S&P 500 is down -1% to 2,704.16. The NASDAQ is lower by -1.17% to 7,288.71.

Analyst Insight

Following the large pre-market move and strong open Wednesday, MGNX stock sold off heavily throughout the day. The stock gapped up at the open Thursday morning, but sold off heavily in the first few hours of trading, dropping MGNX to support. MacroGenics stock has technical support around $23.00-$23.50, and after selling off more than a third of gains from yesterday’s highs, MGNX could potentially hold, bouncing from those levels of support.

MGNX Stock Chart Support

Stock Score Report, InvestorsObserver’s proprietary scoring system gives MGNX stock a score of 72 out of a possible 100. That score is based on three component scores. A fundamental score of 17, a long-term technical score of 99 and a short-term technical score of 100. MGNX holds an analyst average recommendation of Moderate Buy, with a median target price of $27.22.

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Symbols: MGNX

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