Why Magenta Therapeutics Inc. (MGTA) stock rallied in the after-hours on Wednesday?

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MGTA Stock
MGTA Stock

Magenta Therapeutics Inc. (MGTA) shares soared 8.30% in after-hours on Wednesday, January 05, 2021, and closed the daily trading at $4.83. However, in the regular trading session on Wednesday, MGTA’s stock lost 6.50%. MGTA shares have fallen 43.47% over the last 12 months, and they have moved down 3.46% in the past week. Over the past three months, the stock has lost 37.88%, while over the past six months, it has declined 51.57%.

Let’s see what are the latest developments about the company?


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MGTA participation in the upcoming events

Magenta Therapeutics Inc. will participate at the 40th Annual J.P. Morgan Healthcare Conference, to be held virtually, on Thursday, January 13th, 2022, at 9:45 a.m. ET, immediately followed by a Q&A session.

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MGTA will also participate at the B. Riley Virtual Oncology Conference, on Friday, January 28th, 2022, at 11:00 a.m. ET.

MGTA data presentation at ASH annual meeting

On December 14, 2021, Magenta Therapeutics (MGTA), highlighted three presentations made at the 2021 American Society of Hematology (ASH) Annual Meeting.

The company presented data from an investigator-initiated Phase 2 clinical trial in multiple myeloma at the meeting which was previously reported in a Magenta press release on November 4, 2021. MGTA-145 plus plerixafor achieved the primary endpoint for the collection of hematopoietic stem cells and it was well-tolerated.

The company also did two presentations relating to Magenta’s MGTA-117 targeted conditioning program at the meeting, presented non-human primate data supporting the use of a CD117-targeted ADC to condition for HSC gene therapy and preclinical mouse data that supports the use of a CD117-targeted ADC in combination with lymphodepletion to the condition before allogeneic HSC transplant.

MGTA latest financial results

On November 04, 2021, Magenta Therapeutics, Inc. (MGTA) reported financial results for the third quarter that ended September 30, 2021.

Q3 2021 financial highlights

  • MGTA reported no revenue in the third quarter of 2021.
  • Research and development expenses were $10.8 million in the third quarter of 2021, compared to $11.8 million in the third quarter of 2020.
  • General and administrative expenses were $7.5 million for the third quarter of 2021, compared to $6.6 million in Q3 2020.
  • It suffered a net loss of $17.4 million in Q3 2021, compared to a net loss of $17.7 million for the third quarter of 2020.
  • As of September 30, 2021, the company had cash cash equivalents and marketable securities of $192.6 million, compared to $148.8 million as of December 31, 2020.

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Conclusion

Well, as of this writing, we have no recent development which could be the reason behind its mixed performance in the regular trading session on Wednesday. we hope that it will continue its positive momentum on Thursday as well.

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