MacroGenics, Inc.

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Investigation Details

On April 3, 2024, the Company issued a press released describing a research abstract it submitted about the TAMARACK study. The press release summarized the research abstract’s findings about Vobra Duo’s safety profile, in which grade 3 events were under 32% for both doses and no deaths were reported.

On May 9, 2024, Macrogenics released updated safety and efficacy data for its cancer treatment study TAMARACK, which investigates the drug package “Vobra Duo.” The Company announced Vobra Duo’s adverse event rate was over 99% for both the 2.0 mg/kg and 2.7 mg/kg dosages and that adverse events grade 3 or greater were over 50% for both dosages. Five deaths were linked to the study. Analysts expressed surprise and dismay at the changes in Vobra Duo’s safety profile relative to the announcements earlier in the year and questioned management’s candor.

Following the release of the research data and earnings call, MGMX shares fell $11.36, or 77.4% overnight.