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Tag: MGTA

  • Magenta Therapeutics (MGTA) Desperately Considers All Its Options

    Magenta Therapeutics Inc. (NASDAQ: MGTA) is facing a lethal uphill battle in its fight for survival. This biopharma company saw its prospects flatten after dismal trial results for its flagship candidate.

    MGNTA Stock Crash in December

    Magenta Therapeutics Inc. (MGTA) suffered a drastic blow in December, after revealing an update on its lead blood cancer treatment candidate. Due to none of the safety parameters qualifying, and other technical indicators pointing to a no-show, Magenta announced its plans to stop dosing its patients with its MGTA-117 candidate. Despite MGTA-117 still in phase ½ dose election trial, all hopes were on this candidate, and the bulk of the value in MGTA stock was intrinsic to the potential of the commercialization of MGTA-117. It, therefore, comes as no surprise when observing the crash that had come about following the news, with MGTA falling from $1.60 to $0.35 in a matter of days.

    Magenta’s Aims to Pivot

    Following the failure of MGTA-117, Magenta made the announcement that it will be halting all development initiatives it is currently engaged in, and would instead re-focus on developing a sound business strategy moving forward. Although it did not clarify what particular route it will be taking, there was much to suggest that the company may be eyeing a merger, business combination, or some other acquisition deal. However, it is important to note that there is currently no existing plan, and the management is merely considering the possibilities, of its best options to return value to shareholders. Given the crushed ambitions of Magenta, the options of how best to achieve this continue to run thin.

    Conclusion

    MGTA stock had seen a crashing blow in recent months due to a critical failure which could possibly prove lethal to the prospects of the company. With all options on the table, however, the management is determining how best to move forward and deliver value to shareholders.

  • Magenta Therapeutics Inc. (MGTA) Enters an Uptrend Pre-Market. Here’s why?

    Magenta Therapeutics Inc. (MGTA) stock rebounded to enter an uptrend in the pre-market on Thursday. The stock seems to be gaining on the news of the company’s upcoming presentations at two conferences in January.

    During the regular trading session, the stock fluctuated between a high of $4.80 and a low of $4.42. MGTA closed the session at $4.46, suffering from a loss of 6.50% at 192.7K shares. Following the emergence of the news, the stock entered green in the pre-market to gain 8.30% at $4.83 per share.

    Currently, the clinical-stage biotechnology company, Magenta Therapeutics Inc. has a market capitalization of $280.37 million. Its 58.78 million outstanding shares have subtracted a value of 3.46% in the past five days and 43.47% last year.

    MGTA’s Presentations

    On January 05, the company announced its participation in two upcoming investor conferences. Firstly, the company will participate in the 40th Annual J.P. Morgan Healthcare Conference. This conference will be taking place virtually on Thursday, January 13. Secondly, MGTA will also participate in the B. Riley Virtual Oncology Conference. The conference is set to be held on Friday, January 28.

    ASH Annual Meeting Presentations

    On December 14, the company highlighted data from its clinical trials presented at the ASH Annual Meeting.

    Phase 2 clinical trial of MGTA-145

    According to the presentation, in the Phase 2 trial in multiple myeloma, MGTA0145 plus plerixafor:

    • Attained primary endpoint for collection of HSCs (hematopoietic stem cells)
    • Showed favorable tolerability
    • Mobilized HSCs resulting in successful engrafting with 100-day positive outcomes

    Hence, MGTA plans to commence a self-sponsored Phase 2 trial based on the positive data from the investigator-initiated trial.

    Targeted Conditioning Data

    The company also had two more data presentations at the meeting. These were:

    • Non-human primate data that supported CD117-targeted ADC use to condition for HSC gene therapy. As per the data, a single dose of the ADC led to comparable levels of gene-therapy cell engraftment. This was previously achieved by multiple doses of busulfan, hence avoiding its toxicities.
    • Preclinical mouse data supporting CD117-targeted ADC use in combination with lymphodepletion to condition before allogeneic HSC transplant. As per this data, the ADC tool was successfully used in combination for enabling allogeneic transplant in immune-competent murine models.

    MGTA’s Financials

    In the third quarter of 2021, the company had a loss of $17.4 million, against $17.7 million in Q3 of 2020.

    MGTA ended the quarter with cash, cash equivalents, and marketable securities of $192.6 million.