- The stock price of Magenta Therapeutics Inc (NASDAQ: MGTA) surged by 51.66% in the most recent trading session. This is why.
The stock price of Magenta Therapeutics Inc (NASDAQ: MGTA) surged by 51.66% in the most recent trading session.
Why: Magenta Therapeutics (Nasdaq: MGTA) – a clinical-stage biotechnology company focused on improving stem cell transplantation – announced that it has completed a review of its business, including the status of its programs, resources, and capabilities. And Magenta has made the determination to halt further development of its programs and conduct a comprehensive review of strategic alternatives focused on maximizing shareholder value.
As part of the review process, Magenta will explore potential strategic alternatives that may include, but are not limited to, an acquisition, merger, business combination, or other transaction. And there can be no assurance that this review process will result in Magenta pursuing a transaction or that any transaction if pursued, will be completed on attractive terms.
Magenta Therapeutics has not set a timetable for the completion of this review process and does not intend to comment further unless or until the Board of Directors has approved a definitive course of action, the review process is concluded, or it is determined that another disclosure is appropriate.