MacroGenics (NASDAQ:MGNX) Issues Quarterly Earnings Results, Misses Estimates By $0.01 EPS

MacroGenics (NASDAQ:MGNX) posted its quarterly earnings results on Wednesday. The biopharmaceutical company reported ($0.58) EPS for the quarter, missing the consensus estimate of ($0.57) by ($0.01), FiscalAI reports. MacroGenics had a negative net margin of 49.91% and a negative return on equity of 120.19%. The firm had revenue of $20.78 million during the quarter, compared to analyst estimates of $15.24 million.

MacroGenics Trading Down 2.0%

MGNX stock traded down $0.07 during trading on Wednesday, hitting $3.45. The company had a trading volume of 1,528,543 shares, compared to its average volume of 1,095,896. The company has a fifty day moving average price of $3.04 and a two-hundred day moving average price of $2.13. The company has a market cap of $219.28 million, a P/E ratio of -2.95 and a beta of 1.08. MacroGenics has a fifty-two week low of $1.18 and a fifty-two week high of $3.88.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in MGNX. Invesco Ltd. grew its holdings in shares of MacroGenics by 90.0% in the 1st quarter. Invesco Ltd. now owns 68,377 shares of the biopharmaceutical company’s stock worth $87,000 after purchasing an additional 32,398 shares during the last quarter. Amundi bought a new position in MacroGenics during the 1st quarter valued at about $272,000. Jones Financial Companies Lllp boosted its position 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 buying an additional 136,873 shares in the last quarter. Russell Investments Group Ltd. boosted its position in MacroGenics by 2,970.9% in the second quarter. Russell Investments Group Ltd. now owns 49,564 shares of the biopharmaceutical company’s stock valued at $59,000 after buying an additional 47,950 shares in the last quarter. Finally, Walleye Capital LLC bought a new stake in MacroGenics during the second quarter worth about $30,000. 96.89% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

MGNX has been the topic of a number of research reports. Barclays boosted their price objective on MacroGenics from $4.00 to $6.00 and gave the company an “overweight” rating in a research report on Monday, April 20th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of MacroGenics in a research report on Friday. B. Riley Financial raised shares of MacroGenics from a “neutral” rating to a “buy” rating and boosted their price target for the company from $3.00 to $9.00 in a report on Friday, April 10th. Citigroup restated a “market perform” rating on shares of MacroGenics in a research note on Tuesday, February 24th. Finally, Wall Street Zen upgraded shares of MacroGenics from a “sell” rating to a “hold” rating in a research report on Saturday, March 14th. Three equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $5.40.

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.