MacroGenics (NASDAQ:MGNX) Releases Earnings Results

MacroGenics (NASDAQ:MGNX) posted its earnings results on Wednesday. The biopharmaceutical company reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.42) by $0.69, Zacks reports. MacroGenics had a negative net margin of 21.99% and a negative return on equity of 40.24%.

MacroGenics Trading Down 3.9%

MGNX stock traded down $0.06 during mid-day trading on Wednesday, reaching $1.46. The company’s stock had a trading volume of 241,288 shares, compared to its average volume of 881,069. The company’s 50 day moving average is $1.69 and its two-hundred day moving average is $1.59. MacroGenics has a fifty-two week low of $0.99 and a fifty-two week high of $4.16. The stock has a market cap of $92.34 million, a PE ratio of -2.56 and a beta of 1.55.

Insider Buying and Selling

In related news, Director William K. Heiden acquired 50,500 shares of the stock in a transaction on Tuesday, August 19th. The shares were bought at an average price of $1.52 per share, with a total value of $76,760.00. Following the completion of the purchase, the director owned 61,500 shares of the company’s stock, valued at approximately $93,480. This represents a 459.09% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 13.00% of the company’s stock.

Institutional Trading of MacroGenics

Several hedge funds have recently made changes to their positions in the company. Engineers Gate Manager LP purchased a new position in MacroGenics in the second quarter worth approximately $28,000. Walleye Capital LLC acquired a new stake in shares of MacroGenics during the second quarter valued at about $30,000. Cresset Asset Management LLC lifted its holdings in shares of MacroGenics by 52.3% in the 2nd quarter. Cresset Asset Management LLC now owns 26,720 shares of the biopharmaceutical company’s stock worth $32,000 after acquiring an additional 9,172 shares during the last quarter. Rangeley Capital LLC purchased a new position in shares of MacroGenics during the 2nd quarter worth approximately $33,000. Finally, Sei Investments Co. acquired a new stake in MacroGenics in the 2nd quarter valued at approximately $38,000. Hedge funds and other institutional investors own 96.89% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on MGNX shares. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of MacroGenics in a report on Wednesday, October 8th. HC Wainwright restated a “neutral” rating and issued a $2.00 price objective on shares of MacroGenics in a research report on Monday, November 3rd. Wall Street Zen downgraded MacroGenics from a “hold” rating to a “sell” rating in a research note on Saturday, August 2nd. Barclays assumed coverage on shares of MacroGenics in a research note on Wednesday, September 17th. They issued an “overweight” rating and a $3.00 price target on the stock. Finally, Leerink Partners cut their target price on shares of MacroGenics from $8.00 to $5.00 and set an “outperform” rating for the company in a research note on Friday, August 15th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $3.60.

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.