MacroGenics (NASDAQ:MGNX) Releases Quarterly Earnings Results

MacroGenics (NASDAQ:MGNX) released its quarterly earnings results on Tuesday. The biopharmaceutical company reported ($0.65) earnings per share for the quarter, missing the consensus estimate of ($0.61) by ($0.04), Zacks reports. MacroGenics had a negative net margin of 69.07% and a negative return on equity of 89.42%. The business had revenue of $13.19 million during the quarter, compared to analysts’ expectations of $9.59 million.

MacroGenics Trading Down 3.1%

Shares of MacroGenics stock opened at $1.54 on Wednesday. The firm has a market capitalization of $97.16 million, a PE ratio of -0.97 and a beta of 2.20. The business’s 50-day moving average price is $1.60 and its 200-day moving average price is $2.64. MacroGenics has a 12 month low of $0.99 and a 12 month high of $5.77.

Hedge Funds Weigh In On MacroGenics

A hedge fund recently raised its stake in MacroGenics stock. Invesco Ltd. grew its position in shares of MacroGenics, Inc. (NASDAQ:MGNX) by 90.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 68,377 shares of the biopharmaceutical company’s stock after purchasing an additional 32,398 shares during the quarter. Invesco Ltd. owned approximately 0.11% of MacroGenics worth $87,000 as of its most recent SEC filing. Hedge funds and other institutional investors own 96.89% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. HC Wainwright lowered their price target on MacroGenics from $4.00 to $2.00 and set a “neutral” rating on the stock in a report on Tuesday, March 25th. StockNews.com cut MacroGenics from a “buy” rating to a “hold” rating in a report on Friday, March 21st. Seven analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, MacroGenics currently has a consensus rating of “Hold” and an average target price of $7.43.

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.