MacroGenics (NASDAQ:MGNX) Announces Quarterly Earnings Results

MacroGenics (NASDAQ:MGNX) issued its earnings results on Thursday. The biopharmaceutical company reported ($0.27) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.19), Zacks reports. The business had revenue of $32.83 million for the quarter, compared to analyst estimates of $59.14 million. MacroGenics had a negative return on equity of 147.80% and a negative net margin of 44.79%.

MacroGenics Price Performance

NASDAQ MGNX traded down $0.17 during trading hours on Friday, reaching $3.92. The company’s stock had a trading volume of 495,788 shares, compared to its average volume of 1,056,390. The firm has a fifty day simple moving average of $4.22 and a 200-day simple moving average of $3.38. MacroGenics has a 52 week low of $1.29 and a 52 week high of $5.08. The stock has a market cap of $248.84 million, a P/E ratio of -3.57 and a beta of 1.20.

Hedge Funds Weigh In On MacroGenics

Several large investors have recently modified their holdings of MGNX. Renaissance Technologies LLC grew its stake in shares of MacroGenics by 71.0% in the fourth quarter. Renaissance Technologies LLC now owns 2,908,631 shares of the biopharmaceutical company’s stock worth $4,683,000 after purchasing an additional 1,207,408 shares during the last quarter. Marshall Wace LLP raised its position in MacroGenics by 104.0% during the 4th quarter. Marshall Wace LLP now owns 1,284,563 shares of the biopharmaceutical company’s stock worth $2,068,000 after purchasing an additional 655,028 shares during the last quarter. Jane Street Group LLC raised its position in MacroGenics by 207.7% during the 2nd quarter. Jane Street Group LLC now owns 758,204 shares of the biopharmaceutical company’s stock worth $917,000 after purchasing an additional 511,777 shares during the last quarter. Affinity Asset Advisors LLC acquired a new position in MacroGenics during the 4th quarter worth about $780,000. Finally, Squarepoint Ops LLC lifted its holdings in MacroGenics by 595.0% during the 3rd quarter. Squarepoint Ops LLC now owns 385,633 shares of the biopharmaceutical company’s stock worth $648,000 after buying an additional 330,150 shares during the period. Institutional investors own 96.89% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of MacroGenics in a research report on Wednesday, August 5th. Barclays raised their target price on shares of MacroGenics from $4.00 to $6.00 and gave the company an “overweight” rating in a research report on Monday, April 20th. Three equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $5.50.

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.