MacroGenics, Inc. (MGNX) Releases Earnings Results

MacroGenics, Inc. (NASDAQ:MGNX) released its quarterly earnings data on Wednesday. The biopharmaceutical company reported ($1.14) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.05) by $0.09, Briefing.com reports. MacroGenics had a negative net margin of 72.30% and a negative return on equity of 23.24%. The firm had revenue of $1.70 million during the quarter, compared to analysts’ expectations of $15.82 million. During the same quarter in the previous year, the firm posted $1.12 EPS. MacroGenics’s revenue was down 97.9% compared to the same quarter last year.

MacroGenics (MGNX) opened at 15.31 on Thursday. The stock’s market cap is $536.03 million. MacroGenics has a 52-week low of $15.18 and a 52-week high of $33.30. The firm’s 50-day moving average is $17.76 and its 200-day moving average is $18.87.

MGNX has been the topic of several research analyst reports. Morgan Stanley reduced their price target on shares of MacroGenics from $24.00 to $22.00 and set an “equal weight” rating on the stock in a research report on Monday, May 8th. Zacks Investment Research upgraded shares of MacroGenics from a “sell” rating to a “hold” rating in a report on Tuesday, May 9th. Finally, BidaskClub downgraded shares of MacroGenics from a “hold” rating to a “sell” rating in a research note on Monday. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the company. MacroGenics presently has a consensus rating of “Buy” and an average price target of $32.40.

In other news, SVP Jon Marc Wigginton sold 5,000 shares of the stock in a transaction dated Monday, June 5th. The shares were sold at an average price of $20.00, for a total transaction of $100,000.00. Following the sale, the senior vice president now owns 35,000 shares of the company’s stock, valued at $700,000. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 8.30% of the stock is currently owned by corporate insiders.

Several hedge funds have recently modified their holdings of MGNX. OppenheimerFunds Inc. boosted its stake in shares of MacroGenics by 9.4% in the first quarter. OppenheimerFunds Inc. now owns 3,323,025 shares of the biopharmaceutical company’s stock valued at $61,808,000 after buying an additional 286,018 shares in the last quarter. BB Biotech AG boosted its stake in shares of MacroGenics by 17.7% in the first quarter. BB Biotech AG now owns 2,260,000 shares of the biopharmaceutical company’s stock valued at $42,036,000 after buying an additional 340,000 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of MacroGenics by 3.4% in the first quarter. Vanguard Group Inc. now owns 1,352,864 shares of the biopharmaceutical company’s stock valued at $25,163,000 after buying an additional 44,680 shares in the last quarter. State Street Corp boosted its stake in shares of MacroGenics by 20.0% in the first quarter. State Street Corp now owns 1,007,211 shares of the biopharmaceutical company’s stock valued at $18,732,000 after buying an additional 167,720 shares in the last quarter. Finally, Hood River Capital Management LLC boosted its stake in shares of MacroGenics by 17.2% in the first quarter. Hood River Capital Management LLC now owns 563,143 shares of the biopharmaceutical company’s stock valued at $10,474,000 after buying an additional 82,691 shares in the last quarter. 82.96% of the stock is currently owned by institutional investors and hedge funds.

About MacroGenics

MacroGenics, Inc is a clinical-stage biopharmaceutical company focused on discovering and developing monoclonal antibody-based therapeutics for the treatment of cancer, as well as various autoimmune disorders and infectious diseases. The Company develops therapeutic product candidates using its antibody-based technology platforms and also in collaboration with other biopharmaceutical companies.