The results may have caught investors off guard as Citi issued a downgrade on MGNX to sell on Monday.

SVB Leerink analyst Jonathan Chang wrote in a note that “little value for the drug in the indication was represented in the stock going into the results,” according to Bloomberg.

The Loncar Cancer Immunotheraphy ETF tries to reflect the performance of the Loncar Cancer Immunotherapy Index, which was developed by biotechnology investor Brad Loncar. The underlying index tracks large pharmaceutical and growth-oriented biotechnology companies in the cancer treatment space. Specifically, the index tracks companies that are developing new classes of therapies, like checkpoint inhibitors, next generation vaccines and chimeric antigen receptor (CAR) technologies.

The underlying index tries adhere to a high strategic focus on the development of drugs that harness the body’s own immune system to fight cancer, or so-called immunotherapy, according to the fund’s prospectus. Companies with a high strategic focus on cancer immunotherapy found within the underlying index include one or more of the following: The company has a cancer immunotherapy drug approved by either the U.S. Food and Drug Administration or the European Medicines Agency; The company has a cancer immunotherapy drug in the human stage of testing; The company has announced intentions to begin human stage testing of a cancer immunotherapy drug; or The company has announced an immunotherapy collaboration or partnership with a major pharmaceutical company.

For more information on  the biotech sector, visit our biotechnology category.