MacroGenics FY2024 EPS Forecast Boosted by Leerink Partnrs

MacroGenics, Inc. (NASDAQ:MGNX) – Equities researchers at Leerink Partnrs increased their FY2024 EPS estimates for MacroGenics in a research note issued on Wednesday, November 6th. Leerink Partnrs analyst J. Chang now anticipates that the biopharmaceutical company will earn ($1.24) per share for the year, up from their previous forecast of ($1.49). The consensus estimate for MacroGenics’ current full-year earnings is ($2.06) per share. Leerink Partnrs also issued estimates for MacroGenics’ Q4 2024 earnings at ($0.42) EPS and FY2025 earnings at ($2.40) EPS.

MGNX has been the topic of several other research reports. BMO Capital Markets cut their price objective on MacroGenics from $8.00 to $5.00 and set a “market perform” rating on the stock in a research report on Wednesday, August 7th. HC Wainwright restated a “neutral” rating and set a $4.00 price objective on shares of MacroGenics in a report on Wednesday. Citigroup lowered their price objective on shares of MacroGenics from $16.00 to $14.00 and set a “buy” rating on the stock in a research report on Thursday, August 15th. Evercore ISI raised shares of MacroGenics to a “strong-buy” rating in a research report on Monday, September 16th. Finally, Guggenheim cut shares of MacroGenics from a “buy” rating to a “neutral” rating in a report on Wednesday, July 31st. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $7.63.

MacroGenics Stock Down 2.5 %

MGNX stock opened at $4.35 on Friday. The firm has a market cap of $273.01 million, a PE ratio of -2.75 and a beta of 2.08. The business has a 50 day moving average of $3.61 and a 200-day moving average of $5.03. MacroGenics has a 12-month low of $2.95 and a 12-month high of $21.88.

MacroGenics (NASDAQ:MGNX) last posted its quarterly earnings data 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 net margin of 69.07% and a negative return on equity of 89.42%. The firm had revenue of $10.80 million during the quarter, compared to analysts’ expectations of $24.14 million.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Avoro Capital Advisors LLC purchased a new stake in shares of MacroGenics in the first quarter worth about $90,528,000. Armistice Capital LLC lifted its stake in MacroGenics by 150.0% in the 2nd quarter. Armistice Capital LLC now owns 6,000,000 shares of the biopharmaceutical company’s stock worth $25,500,000 after purchasing an additional 3,600,000 shares in the last quarter. Millennium Management LLC lifted its stake in MacroGenics by 3,473.7% in the 2nd quarter. Millennium Management LLC now owns 3,312,672 shares of the biopharmaceutical company’s stock worth $14,079,000 after purchasing an additional 3,219,977 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in 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 period. Finally, Marshall Wace LLP grew its position in shares of MacroGenics by 1,689.3% during the 2nd quarter. Marshall Wace LLP now owns 658,007 shares of the biopharmaceutical company’s stock valued at $2,797,000 after purchasing an additional 621,232 shares in the last quarter. 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.