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

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

MacroGenics Price Performance

MGNX stock traded up $0.60 during mid-day trading on Tuesday, reaching $2.96. The company had a trading volume of 1,597,563 shares, compared to its average volume of 836,075. The stock has a 50 day simple moving average of $1.80 and a two-hundred day simple moving average of $1.68. MacroGenics has a 52 week low of $0.99 and a 52 week high of $2.95. The company has a market capitalization of $187.12 million, a price-to-earnings ratio of -2.45 and a beta of 1.45.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Invesco Ltd. raised its holdings in MacroGenics by 90.0% in the 1st quarter. Invesco Ltd. now owns 68,377 shares of the biopharmaceutical company’s stock valued at $87,000 after acquiring an additional 32,398 shares during the period. Amundi bought a new position in shares of MacroGenics during the first quarter worth approximately $272,000. Jones Financial Companies Lllp increased its stake in shares of MacroGenics by 456,243.3% during the first quarter. Jones Financial Companies Lllp now owns 136,903 shares of the biopharmaceutical company’s stock worth $174,000 after purchasing an additional 136,873 shares during the period. Russell Investments Group Ltd. lifted its holdings in MacroGenics by 2,970.9% during the 2nd quarter. Russell Investments Group Ltd. now owns 49,564 shares of the biopharmaceutical company’s stock worth $59,000 after purchasing an additional 47,950 shares during the last quarter. Finally, Walleye Capital LLC bought a new stake in MacroGenics in the 2nd quarter valued at $30,000. 96.89% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

MGNX has been the subject of a number of research analyst reports. Barclays lifted their target price on shares of MacroGenics from $3.00 to $4.00 and gave the company an “overweight” rating in a research note on Tuesday. Citigroup reaffirmed a “market perform” rating on shares of MacroGenics in a research note on Tuesday, February 24th. Weiss Ratings reiterated a “sell (d-)” rating on shares of MacroGenics in a research report on Monday, December 22nd. Finally, Zacks Research downgraded shares of MacroGenics from a “strong-buy” rating to a “hold” rating in a research report on Thursday, January 1st. Two equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, MacroGenics has an average 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.