MacroGenics falls as data shows worsening safety for prostate cancer drug
** Shares of drug developer MacroGenics MGNX.O decline ~9% to $3.37 in afternoon trading
** Co on Sunday releasedupdated safety and efficacy data at an ongoing medical conference from a mid-stage trial testing its experimental antibody drug, conjugate vobra duo, in patients with a type of prostate cancer
** Data showed there were eight treatment-related deaths in the trial vs five deaths previously reported
** MGNX expects to have mature data for the drug's effect on progression-free survival rates "no later than early 2025" and will make a decision on the way forward for the program based on the data, competitive landscape and other factors
** TD Cowen analysts say while efficacy of the drug appears competitive, use of vobra duo might be limited to late-line patients even if dosing of the drug is optimized and the trial is successful
** Including session's moves, MGNX shares down ~65% YTD
Reporting by Bhanvi Satija in Bengaluru
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