MacroGenics (NASDAQ:MGNX) Issues Quarterly Earnings Results

MacroGenics (NASDAQ:MGNX) announced its quarterly earnings results on Wednesday. The biopharmaceutical company reported ($0.58) EPS for the quarter, missing the consensus estimate of ($0.57) by ($0.01), FiscalAI reports. The company had revenue of $20.78 million during the quarter, compared to analysts’ expectations of $15.24 million. MacroGenics had a negative net margin of 49.91% and a negative return on equity of 120.19%.

MacroGenics Price Performance

Shares of MGNX traded down $0.07 during mid-day trading on Wednesday, reaching $3.45. 1,527,167 shares of the company’s stock were exchanged, compared to its average volume of 1,095,877. The business’s fifty day simple moving average is $3.04 and its 200-day simple moving average is $2.13. MacroGenics has a 52-week low of $1.18 and a 52-week high of $3.88. The stock has a market capitalization of $219.28 million, a PE ratio of -2.95 and a beta of 1.08.

Institutional Investors Weigh In On MacroGenics

Hedge funds have recently modified their holdings of the stock. Qube Research & Technologies Ltd acquired a new stake in shares of MacroGenics during the third quarter worth $38,000. Engineers Gate Manager LP acquired a new stake in shares of MacroGenics during the second quarter worth $28,000. Walleye Capital LLC acquired a new stake in shares of MacroGenics during the second quarter worth $30,000. Cresset Asset Management LLC lifted its holdings in shares of MacroGenics by 52.3% during the second quarter. Cresset Asset Management LLC now owns 26,720 shares of the biopharmaceutical company’s stock worth $32,000 after purchasing an additional 9,172 shares during the period. Finally, Rangeley Capital LLC acquired a new stake in shares of MacroGenics during the second quarter worth $33,000. 96.89% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on MGNX shares. Weiss Ratings restated a “sell (d-)” rating on shares of MacroGenics in a research report on Friday. Wall Street Zen upgraded shares of MacroGenics from a “sell” rating to a “hold” rating in a research report on Saturday, March 14th. Citigroup restated a “market perform” rating on shares of MacroGenics in a research report on Tuesday, February 24th. B. Riley Financial upgraded shares of MacroGenics from a “neutral” rating to a “buy” rating and raised their target price for the stock from $3.00 to $9.00 in a research report on Friday, April 10th. Finally, Barclays raised their target price on shares of MacroGenics from $4.00 to $6.00 and gave the stock an “overweight” rating in a research report on Monday, April 20th. Three equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, MacroGenics has an average rating of “Hold” and a consensus target price of $5.40.

About MacroGenics

MacroGenics, Inc is a clinical-stage biopharmaceutical company focused on the discovery and development of monoclonal antibody–based therapeutics for the treatment of cancer and autoimmune diseases. The company leverages proprietary Fc engineering technologies to enhance immune engagement and extend the activity of its antibodies. Since its founding in 2000, MacroGenics has advanced several product candidates through clinical trials, most notably margetuximab, a HER2-targeted antibody designed to improve outcomes in patients with HER2-positive breast cancer.

Central to MacroGenics’ research platform are its ADAPTIR and Trident bispecific antibody technologies.