FY2024 EPS Estimates for MacroGenics Lifted by HC Wainwright

MacroGenics, Inc. (NASDAQ:MGNX) – Equities researchers at HC Wainwright upped their FY2024 earnings per share (EPS) estimates for MacroGenics in a research note issued to investors on Wednesday, November 6th. HC Wainwright analyst R. Burns now anticipates that the biopharmaceutical company will post earnings of ($0.95) per share for the year, up from their previous forecast of ($1.72). HC Wainwright has a “Neutral” rating and a $4.00 price objective on the stock. The consensus estimate for MacroGenics’ current full-year earnings is ($2.06) per share. HC Wainwright also issued estimates for MacroGenics’ Q4 2024 earnings at ($0.12) EPS, Q1 2025 earnings at ($0.70) EPS, Q2 2025 earnings at ($0.72) EPS, Q3 2025 earnings at ($0.74) EPS, Q4 2025 earnings at ($0.76) EPS and FY2025 earnings at ($2.92) EPS.

MacroGenics (NASDAQ:MGNX) last released its quarterly earnings results on Tuesday, August 6th. The biopharmaceutical company reported ($0.89) earnings per share for the quarter, missing the consensus estimate of ($0.47) by ($0.42). The company had revenue of $10.80 million for the quarter, compared to analysts’ expectations of $24.14 million. MacroGenics had a negative net margin of 69.07% and a negative return on equity of 89.42%.

MGNX has been the subject of several other research reports. Evercore ISI upgraded shares of MacroGenics to a “strong-buy” rating in a report on Monday, September 16th. Guggenheim lowered MacroGenics from a “buy” rating to a “neutral” rating in a research report on Wednesday, July 31st. JMP Securities cut MacroGenics from an “outperform” rating to a “market perform” rating in a research note on Thursday. BTIG Research lowered MacroGenics from a “buy” rating to a “neutral” rating in a research note on Thursday, August 1st. Finally, StockNews.com cut MacroGenics from a “hold” rating to a “sell” rating in a report on Saturday, November 2nd. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, MacroGenics presently has a consensus rating of “Hold” and a consensus price target of $7.63.

MacroGenics Stock Down 2.5 %

NASDAQ MGNX opened at $4.35 on Friday. MacroGenics has a 52 week low of $2.95 and a 52 week high of $21.88. The firm has a market capitalization of $273.01 million, a price-to-earnings ratio of -2.75 and a beta of 2.08. The company has a fifty day moving average of $3.61 and a two-hundred day moving average of $5.03.

Hedge Funds Weigh In On MacroGenics

A number of hedge funds and other institutional investors have recently made changes to their positions in MGNX. Avoro Capital Advisors LLC bought a new stake in shares of MacroGenics in the first quarter valued at about $90,528,000. Armistice Capital LLC increased its position in MacroGenics by 150.0% during the 2nd quarter. Armistice Capital LLC now owns 6,000,000 shares of the biopharmaceutical company’s stock valued at $25,500,000 after purchasing an additional 3,600,000 shares during the period. Millennium Management LLC increased its position in MacroGenics by 3,473.7% during the 2nd quarter. Millennium Management LLC now owns 3,312,672 shares of the biopharmaceutical company’s stock valued at $14,079,000 after purchasing an additional 3,219,977 shares during the period. Frazier Life Sciences Management L.P. raised its holdings in shares of MacroGenics by 21.8% in the 2nd quarter. Frazier Life Sciences Management L.P. now owns 3,010,727 shares of the biopharmaceutical company’s stock valued at $12,796,000 after purchasing an additional 539,023 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted 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 worth $35,889,000 after purchasing an additional 2,409,237 shares during the period. Institutional investors own 96.89% of the company’s stock.

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.