Why Shares of MacroGenics Were Dropping Tuesday
Shares of MacroGenics (NASDAQ: MGNX) were down more than 18% in early trading on Tuesday. The stock closed at $6.37 on Monday. On Tuesday, it opened at $5.99, then fell as low as $5.05 in the couple of hours of trading. The stock has a 52-week high of $19.73 and a low of $2.13 and is down more than 67% so far this year.
The clinical-stage biotech focuses on cancer treatments, using monoclonal antibody therapies. There are two likely reasons for the stock's decline on Tuesday. An analyst from Cowen & Co. downgraded the stock, and after a recent jump in the stock's price, investors are taking profits.
Last week, the company's shares rose when it got word that a $60 million milestone payment was coming its way after the Food and Drug Administration approved the Biologics License Application (BLA) for teplizumab to delay the onset of type 1 diabetes.
Source Fool.com
