Leerink Partnrs Increases Earnings Estimates for MacroGenics

MacroGenics, Inc. (NASDAQ:MGNX - Free Report) - Equities research analysts at Leerink Partnrs upped their FY2024 earnings estimates for shares of MacroGenics in a report issued on Wednesday, November 6th. Leerink Partnrs analyst J. Chang now forecasts that the biopharmaceutical company will post earnings of ($1.24) per share for the year, up from their previous estimate of ($1.49). The consensus estimate for MacroGenics' current full-year earnings is ($1.72) per share. Leerink Partnrs also issued estimates for MacroGenics' Q4 2024 earnings at ($0.42) EPS and FY2025 earnings at ($2.40) EPS.

MacroGenics (NASDAQ:MGNX - Get Free Report) last posted its earnings results on Tuesday, August 6th. The biopharmaceutical company reported ($0.89) EPS for the quarter, missing the consensus estimate of ($0.47) by ($0.42). MacroGenics had a negative return on equity of 146.01% and a negative net margin of 332.47%. The firm had revenue of $10.80 million during the quarter, compared to the consensus estimate of $24.14 million.

A number of other brokerages have also weighed in on MGNX. B. Riley lowered shares of MacroGenics from a "buy" rating to a "neutral" rating and reduced their price target for the stock from $18.00 to $5.00 in a research note on Wednesday, July 31st. Guggenheim lowered shares of MacroGenics from a "buy" rating to a "neutral" rating in a research note on Wednesday, July 31st. HC Wainwright reissued a "neutral" rating and set a $4.00 target price on shares of MacroGenics in a research note on Wednesday. Citigroup cut their target price on shares of MacroGenics from $16.00 to $14.00 and set a "buy" rating for the company in a research note on Thursday, August 15th. Finally, BTIG Research lowered shares of MacroGenics from a "buy" rating to a "neutral" rating in a research note on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $7.63.

MacroGenics Stock Performance

Shares of NASDAQ:MGNX traded down $0.11 during trading on Friday, reaching $4.35. The company had a trading volume of 730,943 shares, compared to its average volume of 1,485,177. The firm's fifty day moving average is $3.59 and its 200 day moving average is $5.11. The firm has a market capitalization of $273.02 million, a PE ratio of -2.69 and a beta of 2.08. MacroGenics has a twelve month low of $2.95 and a twelve month high of $21.88.

Institutional Investors Weigh In On MacroGenics

Several hedge funds have recently made changes to their positions in MGNX. EntryPoint Capital LLC purchased a new stake in shares of MacroGenics in the 1st quarter valued at approximately $40,000. China Universal Asset Management Co. Ltd. increased its stake in MacroGenics by 64.0% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 12,064 shares of the biopharmaceutical company's stock valued at $40,000 after buying an additional 4,707 shares during the period. CANADA LIFE ASSURANCE Co acquired a new position in MacroGenics in the 1st quarter valued at approximately $52,000. SG Americas Securities LLC acquired a new position in MacroGenics in the 3rd quarter valued at approximately $55,000. Finally, DRW Securities LLC acquired a new position in MacroGenics in the 2nd quarter valued at approximately $56,000. Hedge funds and other institutional investors own 96.89% of the company's stock.

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.