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

MacroGenics (NASDAQ:MGNX) released its quarterly earnings results on Thursday. The biopharmaceutical company reported $0.31 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.39, FiscalAI reports. MacroGenics had a negative net margin of 8.70% and a negative return on equity of 106.38%. The firm had revenue of $32.83 million during the quarter, compared to analyst estimates of $59.14 million.

MacroGenics Price Performance

Shares of MGNX stock traded up $0.14 on Friday, hitting $4.22. The stock had a trading volume of 851,434 shares, compared to its average volume of 695,720. MacroGenics has a 12-month low of $1.29 and a 12-month high of $5.08. The stock has a market cap of $268.22 million, a price-to-earnings ratio of -19.18 and a beta of 1.20. The business has a 50 day moving average of $4.23 and a 200 day moving average of $3.38.

Institutional Investors Weigh In On MacroGenics

Hedge funds have recently made changes to their positions in the business. Renaissance Technologies LLC grew its position in MacroGenics by 71.0% during the fourth quarter. Renaissance Technologies LLC now owns 2,908,631 shares of the biopharmaceutical company’s stock valued at $4,683,000 after buying an additional 1,207,408 shares during the period. Marshall Wace LLP boosted its stake in MacroGenics by 104.0% in the fourth quarter. Marshall Wace LLP now owns 1,284,563 shares of the biopharmaceutical company’s stock valued at $2,068,000 after acquiring an additional 655,028 shares during the last quarter. Jane Street Group LLC boosted its stake in MacroGenics by 207.7% in the second quarter. Jane Street Group LLC now owns 758,204 shares of the biopharmaceutical company’s stock valued at $917,000 after acquiring an additional 511,777 shares during the last quarter. Affinity Asset Advisors LLC bought a new position in shares of MacroGenics during the 4th quarter valued at approximately $780,000. Finally, Squarepoint Ops LLC grew its position in shares of MacroGenics by 595.0% during the 3rd quarter. Squarepoint Ops LLC now owns 385,633 shares of the biopharmaceutical company’s stock valued at $648,000 after acquiring an additional 330,150 shares during the period. 96.89% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on MGNX. Weiss Ratings reiterated a “sell (d-)” rating on shares of MacroGenics in a report on Wednesday, August 5th. Barclays raised their price objective on shares of MacroGenics from $4.00 to $6.00 and gave the stock an “overweight” rating in a research report on Monday, April 20th. Two equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $5.67.

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.