MacroGenics (NASDAQ:MGNX) Posts Earnings Results, Beats Estimates By $0.39 EPS

Key Points

• MacroGenics beat earnings expectations, reporting quarterly EPS of $0.31 versus the consensus estimate of a $0.08 loss. However, revenue was $32.83 million, well below analysts’ $59.14 million forecast.
• Shares rose 1.5% to $4.08, while the company continued to report weak profitability, including a negative net margin of 44.79% and negative return on equity of 147.80%.
• Analyst sentiment remained mixed, with a consensus “Hold” rating and an average price target of $5.50; institutional investors own 96.89% of MacroGenics stock.

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

MacroGenics Stock Up 1.5%

NASDAQ MGNX traded up $0.06 during trading on Thursday, reaching $4.08. 1,382,377 shares of the stock traded hands, compared to its average volume of 671,506. The stock's 50-day moving average price is $4.22 and its 200 day moving average price is $3.38. The firm 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 fifty-two week low of $1.29 and a fifty-two week high of $5.08.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in MGNX. Renaissance Technologies LLC lifted its position in MacroGenics by 71.0% during the 4th quarter. Renaissance Technologies LLC now owns 2,908,631 shares of the biopharmaceutical company's stock worth $4,683,000 after buying an additional 1,207,408 shares in the last quarter. Marshall Wace LLP increased its position in shares of MacroGenics by 104.0% during the 4th quarter. Marshall Wace LLP now owns 1,284,563 shares of the biopharmaceutical company's stock worth $2,068,000 after purchasing an additional 655,028 shares during the last quarter. Jane Street Group LLC increased its position in shares of MacroGenics by 207.7% during the 2nd quarter. Jane Street Group LLC now owns 758,204 shares of the biopharmaceutical company's stock worth $917,000 after purchasing an additional 511,777 shares during the last quarter. Affinity Asset Advisors LLC acquired a new stake in shares of MacroGenics in the 4th quarter valued at approximately $780,000. Finally, Squarepoint Ops LLC grew its stake in shares of MacroGenics by 595.0% in the third quarter. Squarepoint Ops LLC now owns 385,633 shares of the biopharmaceutical company's stock valued at $648,000 after buying an additional 330,150 shares in the last quarter. Institutional investors and hedge funds own 96.89% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have commented on MGNX. Weiss Ratings reiterated a "sell (d-)" rating on shares of MacroGenics in a research report on Wednesday, August 5th. Barclays upped their price target on MacroGenics from $4.00 to $6.00 and gave the company an "overweight" rating in a research note on Monday, April 20th. Three equities research 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. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $5.50.

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.

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