Shares in Macrogenics, a Rockville, Md., developer of cancer drugs, doubled in premarket trading after the company announced positive results for a new breast cancer drug on Wednesday.

“This is probably one of the biggest surprises of the year so far,” Umer Raffat, a biotechnology analyst at Evercore ISI, an investment bank, wrote in a note to investors. He argued that the drug in question, margetuximab, could generate as much as $650 million in worldwide annual sales based on the results, and that the market capitalization of Macrogenics, which was $469 million as of Tuesday’s close, could soar to $2 billion.

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