MacroGenics (NASDAQ:MGNX) Announces Quarterly Earnings Results, Beats Expectations By $0.75 EPS

MacroGenics (NASDAQ:MGNX) announced its quarterly earnings data on Wednesday. The biopharmaceutical company reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.48) by $0.75, Zacks reports. MacroGenics had a negative return on equity of 40.24% and a negative net margin of 21.99%.The firm had revenue of $72.84 million for the quarter, compared to analysts’ expectations of $28.72 million.

MacroGenics Stock Up 8.8%

Shares of NASDAQ MGNX opened at $1.60 on Friday. The stock has a market cap of $101.13 million, a P/E ratio of -2.81 and a beta of 1.55. The firm’s 50-day simple moving average is $1.67 and its 200 day simple moving average is $1.59. MacroGenics has a fifty-two week low of $0.99 and a fifty-two week high of $3.89.

Analyst Ratings Changes

A number of research firms have commented on MGNX. Leerink Partners decreased their price objective on shares of MacroGenics from $8.00 to $5.00 and set an “outperform” rating for the company in a report on Friday, August 15th. Wall Street Zen lowered MacroGenics from a “hold” rating to a “sell” rating in a report on Saturday, August 2nd. HC Wainwright reissued a “neutral” rating and issued a $2.00 price target on shares of MacroGenics in a report on Monday, November 3rd. Barclays initiated coverage on MacroGenics in a research report on Wednesday, September 17th. They set an “overweight” rating and a $3.00 price objective for the company. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of MacroGenics in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $3.60.

Insider Buying and Selling

In related news, Director William K. Heiden purchased 50,500 shares of the company’s stock in a transaction on Tuesday, August 19th. The shares were bought at an average cost of $1.52 per share, for a total transaction of $76,760.00. Following the transaction, the director owned 61,500 shares of the company’s stock, valued at $93,480. This represents a 459.09% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. Insiders own 13.00% of the company’s stock.

Hedge Funds Weigh In On MacroGenics

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bridgeway Capital Management LLC raised its position in MacroGenics by 16.1% in the second quarter. Bridgeway Capital Management LLC now owns 133,700 shares of the biopharmaceutical company’s stock worth $162,000 after acquiring an additional 18,500 shares in the last quarter. Ameriprise Financial Inc. boosted its position in shares of MacroGenics by 99.8% during the 2nd quarter. Ameriprise Financial Inc. now owns 104,751 shares of the biopharmaceutical company’s stock valued at $127,000 after purchasing an additional 52,326 shares in the last quarter. Marshall Wace LLP grew its stake in shares of MacroGenics by 35.7% in the 2nd quarter. Marshall Wace LLP now owns 405,911 shares of the biopharmaceutical company’s stock worth $491,000 after purchasing an additional 106,883 shares during the last quarter. Russell Investments Group Ltd. raised its holdings in shares of MacroGenics by 2,970.9% in 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 in the last quarter. Finally, Jones Financial Companies Lllp raised its holdings in shares of MacroGenics by 456,243.3% in the 1st 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 in the last quarter. 96.89% of the stock is owned by institutional investors.

MacroGenics Company Profile

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.