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.

Unlock this article by subscribing to STAT Plus and enjoy your first 30 days free!


What is it?

STAT Plus is a premium subscription that delivers daily market-moving biopharma coverage and in-depth science reporting from a team with decades of industry experience.

What's included?

  • Authoritative biopharma coverage and analysis, interviews with industry pioneers, policy analysis, and first looks at cutting edge laboratories and early stage research
  • Subscriber-only networking events and panel discussions across the country
  • Monthly subscriber-only live chats with our reporters and experts in the field
  • Discounted tickets to industry events and early-bird access to industry reports

Leave a Comment

Please enter your name.
Please enter a comment.

Sign up for our Daily Recap newsletter

A roundup of STAT’s top stories of the day in science and medicine

Privacy Policy