A biotechnology sector-specific exchange traded fund specialized in tracking immunotherapy drugmakers bucked the broader market trends and surged Wednesday after MacroGenics (NasdaqGS: MGNX) announced upbeat breast cancer trial results.
The Loncar Cancer Immunotheraphy ETF (NasdaqGM: CNCR), which tracks companies that are developing new classes of therapies, increased 4.3% on Wednesday.
Fueling the gains in CNCR, MacroGenics shares jumped 126.5% on over 41 times its average daily volume. MGNX makes up 3.0% of CNCR’s underlying portfolio.
The cancer specalist MacroGenics popped off early Wednesday morning in response to a positive late-stage result for its HER2-positive breast cancer treatment candidate, margetuximab, The Motley Fool reported.
According to the press release, patients treated with a combination of margetuximab and chemotherapy demonstrated a statistically significant improvement in progression-free survival (PFS) compared to those receiving Roche’s Herceptin plus chemotherapy.