MacroGenics (NASDAQ:MGNX) Releases Quarterly Earnings Results, Beats Expectations By $0.20 EPS

MacroGenics (NASDAQ:MGNX) released its quarterly earnings data on Monday. The biopharmaceutical company reported ($0.22) earnings per share for the quarter, beating the consensus estimate of ($0.42) by $0.20, reports. MacroGenics had a negative net margin of 59.46% and a negative return on equity of 98.30%. The company had revenue of $41.23 million during the quarter, compared to analyst estimates of $27.81 million.

MacroGenics Trading Up 30.6%

Shares of MGNX traded up $0.72 during trading hours on Tuesday, reaching $3.08. The stock had a trading volume of 2,143,637 shares, compared to its average volume of 844,600. The firm has a 50-day simple moving average of $1.80 and a 200 day simple moving average of $1.68. MacroGenics has a 12 month low of $0.99 and a 12 month high of $3.00. The company has a market capitalization of $194.97 million, a price-to-earnings ratio of -2.56 and a beta of 1.45.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of MGNX. Walleye Capital LLC grew its position in MacroGenics by 31.8% in the 4th quarter. Walleye Capital LLC now owns 33,180 shares of the biopharmaceutical company’s stock worth $53,000 after purchasing an additional 8,000 shares in the last quarter. Cresset Asset Management LLC increased 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 buying an additional 9,172 shares during the last quarter. State of Wyoming lifted its position in shares of MacroGenics by 41.8% during the 2nd quarter. State of Wyoming now owns 31,557 shares of the biopharmaceutical company’s stock worth $38,000 after buying an additional 9,295 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of MacroGenics by 0.3% during the 3rd quarter. Vanguard Group Inc. now owns 4,224,234 shares of the biopharmaceutical company’s stock worth $7,097,000 after buying an additional 11,120 shares in the last quarter. Finally, Public Employees Retirement System of Ohio boosted its stake in shares of 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 worth $71,000 after buying an additional 16,400 shares during the last quarter. Institutional investors and hedge funds own 96.89% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on MGNX shares. Weiss Ratings reissued a “sell (d-)” rating on shares of MacroGenics in a research note on Monday, December 22nd. Barclays upped their price objective on shares of MacroGenics from $3.00 to $4.00 and gave the company an “overweight” rating in a report on Tuesday. Zacks Research cut shares of MacroGenics from a “strong-buy” rating to a “hold” rating in a research report on Thursday, January 1st. Finally, Citigroup restated a “market perform” rating on shares of MacroGenics in a research note on Tuesday, February 24th. Two equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, MacroGenics has a consensus rating of “Hold” and an average price target of $3.80.

About MacroGenics

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.