MacroGenics (NASDAQ:MGNX) Announces Earnings Results

MacroGenics (NASDAQ:MGNX) issued its quarterly earnings results on Wednesday. The biopharmaceutical company reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.42) by $0.69, Zacks reports. MacroGenics had a negative net margin of 21.99% and a negative return on equity of 40.24%.

MacroGenics Stock Down 3.9%

Shares of NASDAQ MGNX traded down $0.06 during mid-day trading on Wednesday, hitting $1.46. 241,288 shares of the company were exchanged, compared to its average volume of 881,069. The stock has a 50 day simple moving average of $1.69 and a 200-day simple moving average of $1.59. MacroGenics has a 1-year low of $0.99 and a 1-year high of $4.16. The firm has a market cap of $92.34 million, a price-to-earnings ratio of -2.56 and a beta of 1.55.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on MGNX shares. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of MacroGenics in a research report on Wednesday, October 8th. Leerink Partners decreased their price target on shares of MacroGenics from $8.00 to $5.00 and set an “outperform” rating for the company in a research note on Friday, August 15th. Wall Street Zen downgraded shares of MacroGenics from a “hold” rating to a “sell” rating in a research note on Saturday, August 2nd. HC Wainwright restated a “neutral” rating and issued a $2.00 price target on shares of MacroGenics in a research note on Monday, November 3rd. Finally, Barclays assumed coverage on MacroGenics in a research report on Wednesday, September 17th. They set an “overweight” rating and a $3.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, MacroGenics presently has a consensus rating of “Hold” and a consensus target price of $3.60.

Insider Activity

In other news, Director William K. Heiden purchased 50,500 shares of the business’s stock in a transaction that occurred on Tuesday, August 19th. The stock was purchased at an average cost of $1.52 per share, with a total value of $76,760.00. Following the completion of the acquisition, the director directly owned 61,500 shares of the company’s stock, valued at approximately $93,480. This trade represents a 459.09% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 13.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On MacroGenics

Large investors have recently modified their holdings of the business. Engineers Gate Manager LP purchased a new stake in shares of MacroGenics in the second quarter valued at approximately $28,000. Walleye Capital LLC purchased a new stake in shares of MacroGenics during the 2nd quarter worth $30,000. Cresset Asset Management LLC increased its holdings in shares of 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 in the last quarter. Rangeley Capital LLC purchased a new position in shares of MacroGenics in the 2nd quarter valued at about $33,000. Finally, Sei Investments Co. acquired a new stake in shares of MacroGenics in the second quarter valued at about $38,000. 96.89% of the stock is owned by hedge funds and other institutional investors.

MacroGenics Company Profile

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.