MacroGenics (NASDAQ:MGNX) Releases Quarterly Earnings Results

MacroGenics (NASDAQ:MGNX) announced its quarterly earnings results on Thursday. The biopharmaceutical company reported $0.31 EPS for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.39, FiscalAI reports. The business had revenue of $32.83 million for the quarter, compared to analyst estimates of $59.14 million. MacroGenics had a negative net margin of 44.79% and a negative return on equity of 147.80%.

MacroGenics Price Performance

MGNX traded up $0.06 during trading on Thursday, hitting $4.08. 1,382,377 shares of the stock traded hands, compared to its average volume of 671,506. The business has a 50 day moving average price of $4.22 and a 200 day moving average price of $3.38. The company has a market cap of $259.32 million, a price-to-earnings ratio of -3.71 and a beta of 1.20. MacroGenics has a twelve month low of $1.29 and a twelve month high of $5.08.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on MGNX. Barclays increased their target price on MacroGenics from $4.00 to $6.00 and gave the stock an “overweight” rating in a research note on Monday, April 20th. Weiss Ratings reissued a “sell (d-)” rating on shares of MacroGenics in a research report on Wednesday, August 5th. Three investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, MacroGenics has a consensus rating of “Hold” and an average target price of $5.50.

Institutional Trading of MacroGenics

Several institutional investors and hedge funds have recently modified their holdings of MGNX. Walleye Capital LLC increased its stake in shares of MacroGenics by 31.8% in the 4th quarter. Walleye Capital LLC now owns 33,180 shares of the biopharmaceutical company’s stock valued at $53,000 after acquiring an additional 8,000 shares in the last quarter. Cresset Asset Management LLC boosted its stake in 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 acquiring an additional 9,172 shares in the last quarter. State of Wyoming boosted its stake in MacroGenics by 41.8% during the second quarter. State of Wyoming now owns 31,557 shares of the biopharmaceutical company’s stock worth $38,000 after acquiring an additional 9,295 shares in the last quarter. Vanguard Group Inc. grew its holdings in MacroGenics by 0.3% in the third quarter. Vanguard Group Inc. now owns 4,224,234 shares of the biopharmaceutical company’s stock worth $7,097,000 after purchasing an additional 11,120 shares during the period. Finally, Public Employees Retirement System of Ohio grew its holdings in MacroGenics by 63.1% in the third quarter. Public Employees Retirement System of Ohio now owns 42,382 shares of the biopharmaceutical company’s stock worth $71,000 after purchasing an additional 16,400 shares during the period. 96.89% of the stock is currently owned by institutional investors.

MacroGenics Company Profile

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.