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

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

MacroGenics Stock Performance

Shares of NASDAQ MGNX traded up $0.06 during midday trading on Thursday, reaching $4.08. 1,382,377 shares of the company traded hands, compared to its average volume of 671,506. MacroGenics has a 12 month low of $1.29 and a 12 month high of $5.08. The firm has a market cap of $259.32 million, a PE ratio of -3.71 and a beta of 1.20. The stock’s 50-day simple moving average is $4.22 and its 200-day simple moving average is $3.38.

Hedge Funds Weigh In On MacroGenics

Institutional investors and hedge funds have recently bought and sold shares of the business. Invesco Ltd. lifted its position in MacroGenics by 90.0% during the 1st quarter. Invesco Ltd. now owns 68,377 shares of the biopharmaceutical company’s stock worth $87,000 after buying an additional 32,398 shares in the last quarter. Amundi acquired a new position in shares of MacroGenics in the 1st quarter valued at $272,000. Jones Financial Companies Lllp boosted its holdings in MacroGenics by 456,243.3% during the first quarter. Jones Financial Companies Lllp now owns 136,903 shares of the biopharmaceutical company’s stock worth $174,000 after buying an additional 136,873 shares during the last quarter. Russell Investments Group Ltd. grew its holdings in MacroGenics by 2,970.9% during the second 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 during the period. Finally, Walleye Capital LLC acquired a new position in shares of MacroGenics in the 2nd quarter valued at $30,000. Institutional investors and hedge funds own 96.89% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently issued reports on MGNX shares. Barclays upped their price target 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 restated a “sell (d-)” rating on shares of MacroGenics in a research report on Wednesday, August 5th. Three research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, MacroGenics currently 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.