MacroGenics (NASDAQ:MGNX) Releases Quarterly Earnings Results, Beats Expectations By $0.20 EPS

MacroGenics (NASDAQ:MGNX) posted its earnings results on Monday. The biopharmaceutical company reported ($0.22) EPS for the quarter, beating analysts’ consensus estimates of ($0.42) by $0.20, reports. MacroGenics had a negative return on equity of 116.15% and a negative net margin of 49.91%.The firm had revenue of $41.23 million for the quarter, compared to analysts’ expectations of $27.81 million.

MacroGenics Stock Performance

Shares of MacroGenics stock opened at $3.43 on Wednesday. MacroGenics has a one year low of $0.99 and a one year high of $3.50. The company has a market cap of $216.98 million, a price-to-earnings ratio of -2.93 and a beta of 1.45. The business’s 50 day moving average price is $1.84 and its 200 day moving average price is $1.69.

Institutional Trading of MacroGenics

A number of hedge funds and other institutional investors have recently modified their holdings of MGNX. Invesco Ltd. boosted its position in MacroGenics by 31.6% in the 4th quarter. Invesco Ltd. now owns 111,121 shares of the biopharmaceutical company’s stock valued at $179,000 after buying an additional 26,668 shares during the period. Jones Financial Companies Lllp boosted its holdings in MacroGenics by 456,243.3% in the first 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. Bridgeway Capital Management LLC increased its stake 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 purchased a new stake in shares of MacroGenics during the 3rd quarter worth approximately $148,000. Finally, Ameriprise Financial Inc. boosted its holdings in shares of MacroGenics by 99.8% in the 2nd quarter. Ameriprise Financial Inc. now owns 104,751 shares of the biopharmaceutical company’s stock valued at $127,000 after buying an additional 52,326 shares in the last quarter. 96.89% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on MGNX. Barclays boosted their price objective on MacroGenics from $3.00 to $4.00 and gave the company an “overweight” rating in a research report on Tuesday. Zacks Research lowered shares of MacroGenics from a “strong-buy” rating to a “hold” rating in a report on Thursday, January 1st. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of MacroGenics in a report on Monday, December 22nd. Finally, Citigroup reiterated a “market perform” rating on shares of MacroGenics in a research report on Tuesday, February 24th. Two research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $3.80.

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.