Company name MacroGenics, Inc.
Stock symbol MGNX
Class period February 6, 2019 to June 3, 2019
Court District of Maryland

NEW YORK, November 6, 2019 –Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the United States District Court for the District of Maryland on behalf of all investors that purchased MacroGenics, Inc (NASDAQ: MGNX) securities between February 6, 2019 and June 3, 2019  (“the “Class Period”).  Investors have until November 12, 2019 to apply to the Court to be appointed as lead plaintiff in the lawsuit.

The SOPHIA study is a study that was conducted by MacroGenics. The SOPHIA study is a randomized, open-label Phase III clinical trial evaluating margetuximab plus chemotherapy compared to trastuzumab plus chemotherapy in patients with HER2-positive metastatic breast cancer.

The complaint, filed on September 13, 2019, alleges that throughout the Class Period defendants violated the federal securities laws by disseminating false and misleading statements to the investing public and/or failing to disclose adverse facts pertaining to the company’s Phase III SOPHIA trial.

Specifically, defendants concealed material information and/or failed to disclose that: (a) the company had conducted the progression-free survival (“PFS”) and first interim overall survival (“OS”) analyses for the SOPHIA trial by no later than October 10, 2018; (b) the October 2018 PFS analysis showed a 0.9 month improvement in PFS; and (c) the October 2018 OS interim analysis did not produce a statistically significant result and the interim OS Kaplan-Meier curves (a non-parametric statistic used to estimate the survival function from lifetime data) crossed in several spots (thereby violating the constant hazard assumption) and separated late.  As a result of this information being withheld from the market, MacroGenics common stock traded at artificially inflated prices during the Class Period, reaching a high of $25.60 per share on February 6, 2019.

On May 13, 2019, the American Society of Clinical Oncologists (“ASCO”) posted the SOPHIA study abstract on the Internet.  The abstract disclosed that the October 2018 PFS analysis resulted in a 0.9 month improvement in PFS.  On this news, the price of MacroGenics common stock dropped $1.17 per share, to close at $16.25 per share on May 13, 2019, a decline of 7%.

Then on June 4, 2019, during the ASCO annual meeting, the company disclosed additional data for the SOPHIA trial.  In its presentation, MacroGenics revealed that it had conducted the PFS and OS analyses in October 2018, and the OS analyses for the SOPHIA trial demonstrated Kaplan-Meier curves crossing at several spots with late separation. On this news, the price of MacroGenics common stock dropped 17%, or $3.13 per share, to close at $15.58 per share on June 4, 2019.

If you purchased MacroGenics securities during the Class Period or continue to hold shares purchased before the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below.  There is no cost or obligation to you.

Join the action by filling out the form below

First name*

Last name*

City, state ZIP code

Email address*

Daytime phone

Evening phone

Purchase Date

No. of Shares

Purchase Price

Purchase Date

No. of Shares

Purchase Price

Join action?
YesNo


Call to provide more information: Tel: (212) 355-4648

Please list below any additional transactions in this security:

Additional comments

The submission of this form does not create an attorney-client relationship, nor any obligation on the part of Bragar Eagel & Squire, P.C., or you to file a legal action. Any information you submit will be maintained as confidential. If Bragar Eagel & Squire, P.C., in its sole discretion, believes that you might be an appropriate class representative, Bragar Eagel & Squire, P.C., will contact you to discuss the matter and to determine whether to establish an attorney client relationship.