MacroGenics (NASDAQ:MGNX) Releases Quarterly Earnings Results, Misses Expectations By $0.01 EPS

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

MacroGenics Trading Down 2.0%

Shares of NASDAQ:MGNX traded down $0.07 during midday trading on Wednesday, hitting $3.45. 1,527,167 shares of the stock were exchanged, compared to its average volume of 1,095,877. The stock has a market cap of $219.28 million, a P/E ratio of -2.95 and a beta of 1.08. MacroGenics has a twelve month low of $1.18 and a twelve month high of $3.88. The company has a 50 day moving average price of $3.04 and a 200-day moving average price of $2.13.

Hedge Funds Weigh In On MacroGenics

Several hedge funds have recently added to or reduced their stakes in MGNX. Walleye Capital LLC raised its stake in MacroGenics by 31.8% in the 4th quarter. Walleye Capital LLC now owns 33,180 shares of the biopharmaceutical company’s stock valued at $53,000 after purchasing an additional 8,000 shares during the last quarter. Cresset Asset Management LLC raised its stake in MacroGenics by 52.3% in the 2nd quarter. Cresset Asset Management LLC now owns 26,720 shares of the biopharmaceutical company’s stock valued at $32,000 after purchasing an additional 9,172 shares during the last quarter. State of Wyoming raised its stake in MacroGenics by 41.8% in the 2nd quarter. State of Wyoming now owns 31,557 shares of the biopharmaceutical company’s stock valued at $38,000 after purchasing an additional 9,295 shares during the last quarter. Vanguard Group Inc. raised its stake in MacroGenics by 0.3% in the 3rd quarter. Vanguard Group Inc. now owns 4,224,234 shares of the biopharmaceutical company’s stock valued at $7,097,000 after purchasing an additional 11,120 shares during the last quarter. Finally, Public Employees Retirement System of Ohio grew its holdings in MacroGenics by 63.1% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 42,382 shares of the biopharmaceutical company’s stock valued at $71,000 after buying an additional 16,400 shares during the period. 96.89% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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