MacroGenics (NASDAQ:MGNX) Posts Earnings Results

MacroGenics (NASDAQ:MGNX) released its earnings results on Tuesday. The biopharmaceutical company reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.73, reports. The firm had revenue of $110.71 million during the quarter, compared to analyst estimates of $97.04 million. MacroGenics had a negative net margin of 332.47% and a negative return on equity of 146.01%.

MacroGenics Stock Up 11.1 %

NASDAQ MGNX opened at $4.19 on Thursday. The firm has a market capitalization of $262.80 million, a P/E ratio of -1.90 and a beta of 2.08. The company has a 50-day moving average price of $3.57 and a 200-day moving average price of $5.12. MacroGenics has a 52 week low of $2.95 and a 52 week high of $21.88.

Analysts Set New Price Targets

A number of brokerages have issued reports on MGNX. Guggenheim cut MacroGenics from a “buy” rating to a “neutral” rating in a research note on Wednesday, July 31st. JMP Securities downgraded shares of MacroGenics from an “outperform” rating to a “market perform” rating in a research report on Thursday. BMO Capital Markets reduced their price objective on shares of MacroGenics from $8.00 to $5.00 and set a “market perform” rating for the company in a research note on Wednesday, August 7th. B. Riley downgraded shares of MacroGenics from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $18.00 to $5.00 in a research note on Wednesday, July 31st. Finally, Citigroup decreased their price objective on shares of MacroGenics from $16.00 to $14.00 and set a “buy” rating for the company in a report on Thursday, August 15th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, MacroGenics currently has a consensus rating of “Hold” and a consensus price target of $8.11.

Institutional Trading of MacroGenics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MGNX. Avoro Capital Advisors LLC bought a new stake in shares of MacroGenics during the 1st quarter valued at $90,528,000. Armistice Capital LLC grew its holdings in MacroGenics by 150.0% during the second quarter. Armistice Capital LLC now owns 6,000,000 shares of the biopharmaceutical company’s stock valued at $25,500,000 after purchasing an additional 3,600,000 shares during the period. Millennium Management LLC grew its holdings in MacroGenics by 3,473.7% during the second quarter. Millennium Management LLC now owns 3,312,672 shares of the biopharmaceutical company’s stock valued at $14,079,000 after purchasing an additional 3,219,977 shares during the period. Price T Rowe Associates Inc. MD increased its position in MacroGenics by 8,361.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,438,050 shares of the biopharmaceutical company’s stock worth $35,889,000 after buying an additional 2,409,237 shares in the last quarter. Finally, Marshall Wace LLP raised its stake in shares of MacroGenics by 1,689.3% in the second quarter. Marshall Wace LLP now owns 658,007 shares of the biopharmaceutical company’s stock worth $2,797,000 after buying an additional 621,232 shares during the period. 96.89% of the stock is owned by hedge funds and other institutional investors.

About MacroGenics

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.