MacroGenics (NASDAQ:MGNX) Posts Quarterly Earnings Results, Beats Expectations By $0.02 EPS

Key Points

• MacroGenics reported a quarterly loss of ($0.57) EPS, exceeding the expected loss of ($0.59) by $0.02, despite revenues of $22.24 million falling short of the $28.06 million forecast.
• Following the earnings announcement, the company's stock traded down 0.9%, closing at $1.61, with a twelve-month low of $0.99 and a high of $5.10.
• Several Wall Street analysts have revised their ratings and target prices for MacroGenics, with many reducing their price targets significantly and consensus ratings currently at "Hold" with an average target of $5.33.

MacroGenics (NASDAQ:MGNX - Get Free Report) released its quarterly earnings results on Thursday. The biopharmaceutical company reported ($0.57) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.59) by $0.02, Zacks reports. MacroGenics had a negative net margin of 21.99% and a negative return on equity of 40.24%. The firm had revenue of $22.24 million during the quarter, compared to analyst estimates of $28.06 million.

MacroGenics Stock Performance

MGNX stock remained flat at $1.49 during midday trading on Wednesday. 298,408 shares of the company's stock were exchanged, compared to its average volume of 909,844. The firm has a market capitalization of $94.18 million, a P/E ratio of -2.61 and a beta of 1.65. The firm has a 50 day simple moving average of $1.50 and a two-hundred day simple moving average of $1.72. MacroGenics has a fifty-two week low of $0.99 and a fifty-two week high of $5.10.

Institutional Trading of MacroGenics

A number of hedge funds and other institutional investors have recently bought and sold shares of MGNX. Invesco Ltd. increased its stake in MacroGenics by 90.0% during the 1st 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. Amundi bought a new stake in MacroGenics during the 1st quarter valued at $272,000. Jones Financial Companies Lllp increased its stake in MacroGenics by 456,243.3% during the 1st quarter. Jones Financial Companies Lllp now owns 136,903 shares of the biopharmaceutical company's stock valued at $174,000 after purchasing an additional 136,873 shares in the last quarter. Russell Investments Group Ltd. increased its stake in MacroGenics by 2,970.9% during the 2nd quarter. Russell Investments Group Ltd. now owns 49,564 shares of the biopharmaceutical company's stock valued at $59,000 after purchasing an additional 47,950 shares in the last quarter. Finally, Walleye Capital LLC bought a new stake in MacroGenics during the 2nd quarter valued at $30,000. Institutional investors own 96.89% of the company's stock.

Wall Street Analysts Forecast Growth

MGNX has been the subject of several analyst reports. Stifel Nicolaus lowered their price target on shares of MacroGenics from $6.00 to $5.00 and set a "hold" rating for the company in a report on Wednesday, May 14th. Leerink Partners lowered their price objective on shares of MacroGenics from $8.00 to $5.00 and set an "outperform" rating for the company in a research note on Friday, August 15th. Wall Street Zen lowered shares of MacroGenics from a "hold" rating to a "sell" rating in a research note on Saturday, August 2nd. B. Riley lowered their price objective on shares of MacroGenics from $5.00 to $3.00 and set a "neutral" rating for the company in a research note on Tuesday, May 20th. Finally, Barclays reiterated an "overweight" rating and issued a $3.00 price objective (down previously from $8.00) on shares of MacroGenics in a research note on Wednesday, May 14th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, MacroGenics currently has an average rating of "Moderate Buy" and a consensus target price of $3.60.

About MacroGenics

MacroGenics, Inc, a biopharmaceutical company, develops, manufactures, and commercializes antibody-based therapeutics to treat cancer in the United States. Its approved product is MARGENZA (margetuximab-cmkb), a human epidermal growth factor receptor 2 (HER2) receptor antagonist indicated, in combination with chemotherapy, for the treatment of adult patients with metastatic HER2-positive breast cancer who have received two or more prior anti-HER2 regimens.