MacroGenics, Inc. Forecasted to Earn Q3 2024 Earnings of $0.92 Per Share (NASDAQ:MGNX)

MacroGenics, Inc. (NASDAQ:MGNX) – HC Wainwright increased their Q3 2024 EPS estimates for MacroGenics in a research note issued on Wednesday, July 31st. HC Wainwright analyst R. Burns now forecasts that the biopharmaceutical company will post earnings per share of $0.92 for the quarter, up from their prior estimate of ($0.72). HC Wainwright currently has a “Neutral” rating and a $4.00 price target on the stock. The consensus estimate for MacroGenics’ current full-year earnings is ($2.19) per share. HC Wainwright also issued estimates for MacroGenics’ Q4 2024 earnings at ($0.72) EPS and FY2024 earnings at ($1.34) EPS.

MacroGenics (NASDAQ:MGNX) last issued its quarterly earnings data on Thursday, May 9th. The biopharmaceutical company reported ($0.84) earnings per share for the quarter, missing the consensus estimate of ($0.67) by ($0.17). MacroGenics had a negative return on equity of 98.01% and a negative net margin of 53.60%. The company had revenue of $9.10 million for the quarter, compared to the consensus estimate of $13.63 million.

A number of other research firms have also weighed in on MGNX. JMP Securities reduced their price objective on shares of MacroGenics from $16.00 to $8.00 and set a “market outperform” rating on the stock in a research report on Wednesday, July 31st. BTIG Research downgraded MacroGenics from a “buy” rating to a “neutral” rating in a report on Thursday, August 1st. Stifel Nicolaus cut MacroGenics from a “buy” rating to a “hold” rating and dropped their price objective for the company from $29.00 to $7.00 in a report on Friday, May 10th. B. Riley lowered shares of MacroGenics from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $18.00 to $5.00 in a research report on Wednesday, July 31st. Finally, Guggenheim downgraded shares of MacroGenics from a “buy” rating to a “neutral” rating in a research note on Wednesday, July 31st. Eight investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $8.33.

MacroGenics Trading Up 1.7 %

Shares of MGNX opened at $3.64 on Monday. MacroGenics has a twelve month low of $3.14 and a twelve month high of $21.88. The company’s fifty day simple moving average is $4.52 and its 200-day simple moving average is $11.02. The company has a market cap of $227.98 million, a P/E ratio of -9.33 and a beta of 2.09.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Avoro Capital Advisors LLC acquired a new stake in MacroGenics in the first quarter worth about $90,528,000. Price T Rowe Associates Inc. MD raised its position in shares of MacroGenics by 8,361.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,438,050 shares of the biopharmaceutical company’s stock valued at $35,889,000 after purchasing an additional 2,409,237 shares during the last quarter. Perceptive Advisors LLC acquired a new stake in MacroGenics in the 4th quarter worth approximately $5,887,000. Frazier Life Sciences Management L.P. grew its position in MacroGenics by 33.2% during the 4th quarter. Frazier Life Sciences Management L.P. now owns 2,401,704 shares of the biopharmaceutical company’s stock worth $23,104,000 after purchasing an additional 598,500 shares during the last quarter. Finally, Panagora Asset Management Inc. grew its position in MacroGenics by 60.0% during the 2nd quarter. Panagora Asset Management Inc. now owns 741,490 shares of the biopharmaceutical company’s stock worth $3,151,000 after purchasing an additional 278,060 shares during the last quarter. 96.89% of the stock is currently 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.