MacroGenics (NASDAQ:MGNX) Announces Quarterly Earnings Results, Beats Estimates By $0.20 EPS

Key Points

• EPS beat: MacroGenics reported adjusted EPS of ($0.22) vs. consensus ($0.42), beating by $0.20, and revenue of $41.23M vs. $27.81M expected, though the company still shows a negative net margin (59.46%) and ROE (-98.30%).
• Stock up 22.8%: Shares rose to $2.90 (+$0.54) on the news with ~1.01M shares traded (vs. avg. 824k) and a market cap around $183.3M.
• Analyst and ownership profile: the consensus rating is a "Hold" with an average target of $3.60, and institutional investors/hedge funds own roughly 96.9% of the stock, with mixed analyst ratings across the board.

MacroGenics (NASDAQ:MGNX - Get Free Report) released its quarterly earnings results on Monday. The biopharmaceutical company reported ($0.22) earnings per share for the quarter, beating analysts' consensus estimates of ($0.42) by $0.20, reports. The business had revenue of $41.23 million for the quarter, compared to analysts' expectations of $27.81 million. MacroGenics had a negative net margin of 59.46% and a negative return on equity of 98.30%.

MacroGenics Stock Up 22.8%

Shares of MacroGenics stock traded up $0.54 during trading hours on Tuesday, reaching $2.90. 1,011,313 shares of the stock traded hands, compared to its average volume of 824,034. The firm has a market capitalization of $183.33 million, a price-to-earnings ratio of -2.39 and a beta of 1.45. The company has a 50 day moving average price of $1.80 and a 200 day moving average price of $1.68. MacroGenics has a one year low of $0.99 and a one year high of $2.88.

Wall Street Analysts Forecast Growth

MGNX has been the topic of several analyst reports. Zacks Research cut shares of MacroGenics from a "strong-buy" rating to a "hold" rating in a report on Thursday, January 1st. Weiss Ratings reiterated a "sell (d-)" rating on shares of MacroGenics in a research note on Monday, December 22nd. Finally, Citigroup reiterated a "market perform" rating on shares of MacroGenics in a research report on Tuesday, February 24th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $3.60.

Hedge Funds Weigh In On MacroGenics

A number of large investors have recently made changes to their positions in the business. Bridgeway Capital Management LLC grew its holdings in MacroGenics by 16.1% in the second quarter. Bridgeway Capital Management LLC now owns 133,700 shares of the biopharmaceutical company's stock valued at $162,000 after purchasing an additional 18,500 shares during the last quarter. Algert Global LLC bought a new stake in MacroGenics in the third quarter valued at $148,000. BNP Paribas Financial Markets raised its holdings in MacroGenics by 87.9% during the third quarter. BNP Paribas Financial Markets now owns 86,671 shares of the biopharmaceutical company's stock worth $146,000 after purchasing an additional 40,539 shares in the last quarter. LPL Financial LLC increased its stake in MacroGenics by 181.2% in the 4th quarter. LPL Financial LLC now owns 65,125 shares of the biopharmaceutical company's stock worth $105,000 after purchasing an additional 41,967 shares in the last quarter. Finally, Invesco Ltd. grew its position in MacroGenics by 90.0% during the first quarter. Invesco Ltd. now owns 68,377 shares of the biopharmaceutical company's stock valued at $87,000 after purchasing an additional 32,398 shares in the last quarter. 96.89% of the stock is owned by institutional investors and hedge funds.

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.

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