Education
About Us
Working with TipRanks
Follow Us
MacroGenics (MGNX)
NASDAQ:MGNX
Top Page
MacroGenics
(NASDAQ:MGNX)
Rating:50Neutral
Price Target:―
Positive Factors
Pipeline Progress
MGNX continues to make progress across its broader pipeline, including the initiation of the Phase II LINNET study and the upcoming clinical update from the Phase II LORIKEET study.
Resource Allocation
The discontinuation of vobra duo is viewed positively as it allows the company to reallocate resources to programs with higher probability of success, including the second B7-H3 ADC program, MGC026.
Negative Factors
Clinical Risks
Risks include clinical setbacks with MGC026, lorigerlimab, MGC028, and MGC030, competitive landscape risks, partnership risks, and possible long-term dilution risk.
Financial Performance
MacroGenics reported a full-year 2024 net loss of $1.07 per share, slightly wider than the previous forecast of a net loss of $0.95 per share.
Price Target
The 12-month price target has been lowered to $2 per share from the prior $4 per share.
MacroGenics (MGNX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$99.05M
Dividend YieldN/A
Average Volume (3M)629.48K
Price to Earnings (P/E)―
Beta (1Y)1.98
Revenue Growth255.31%
EPS Growth-141.39%
CountryUS
Employees341
SectorHealthcare
Sector Strength44
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.65
Shares Outstanding63,090,324
10 Day Avg. Volume344,687
30 Day Avg. Volume629,481
Financial Highlights & Ratios
PEG Ratio-0.10
Price to Book (P/B)1.26
Price to Sales (P/S)0.00
P/FCF Ratio-1.38
Enterprise Value/Market Cap-0.09
Enterprise Value/Revenue-0.02
Enterprise Value/Gross Profit-0.07
Enterprise Value/Ebitda0.03
Forecast
1Y Price Target
$4.20Price Target Upside181.88% Upside
Rating ConsensusHold
Number of Analyst Covering8
MacroGenics Business Overview & Revenue Model
Company DescriptionMacroGenics, Inc., a biopharmaceutical company, develops 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. The company's pipeline of immuno-oncology product candidates includes MGC018, an antibody drug conjugate (ADC), which targets solid tumors expressing B7-H3; Enoblituzumab, a monoclonal antibody that targets B7-H3; and MGD024, an investigational bispecific CD123 × CD3 DART molecule to minimize cytokine-release syndrome for patients with hematologic malignancies. It also develops Lorigerlimab, a monoclonal antibody that targets the immune checkpoints PD-1 and cytotoxic T-lymphocyte-associated protein 4; Tebotelimab, an investigational tetravalent DART molecule for PD-1 and lymphocyte-activation gene 3; Retifanlimab, an investigational monoclonal antibody targeting metastatic squamous cell carcinoma of the anal canal and metastatic non-small cell lung cancer; and IMGC936, an ADC that targets ADAM9, a cell surface protein over-expressed in various solid tumor types. Further, the company develops MGD014 and MGD020, a DART molecule to target the envelope protein of human immunodeficiency virus infected cells and CD3 on T cells; Teplizumab for the treatment of type 1 diabetes; and PRV-3279, a CD32B × CD79B DART molecule for the treatment of autoimmune indications. It has collaborations with Incyte Corporation; Zai Lab Limited; I-Mab Biopharma; and Janssen Biotech, Inc. The company was incorporated in 2000 and is headquartered in Rockville, Maryland.
How the Company Makes MoneyMacroGenics makes money primarily through the development and commercialization of its proprietary monoclonal antibody-based therapies. The company generates revenue through strategic collaborations and licensing agreements with major pharmaceutical companies, which provide upfront payments, milestone payments, and royalties on product sales. These partnerships are integral to its revenue model as they provide funding and resources necessary for the advancement of its clinical pipeline. Additionally, MacroGenics may secure government grants or funding to support specific research initiatives, contributing to its financial resources. The company's revenue streams are heavily dependent on the success of its clinical trials and the eventual approval and commercialization of its therapies.
MacroGenics Financial Statement Overview
Summary
MacroGenics shows potential with revenue growth but continues to face profitability challenges, as reflected in negative margins and cash flow issues. The balance sheet is relatively stable, but ongoing losses impact overall financial health. While revenue trends are positive, improving profitability and cash flow remains crucial for future stability.Income Statement
MacroGenics has experienced volatile revenue growth, with a significant increase in 2024 compared to 2023. However, the company continues to face substantial losses, as indicated by negative net income and EBIT margins. The negative EBITDA margin further highlights profitability challenges. While revenue has grown, profitability metrics indicate ongoing financial distress.42
Neutral
Balance Sheet
The balance sheet shows moderate financial health with a low debt-to-equity ratio, indicating manageable leverage levels. However, the negative return on equity suggests the company is struggling to generate profits for shareholders. The equity ratio is relatively stable, but the overall financial position is weakened by consistent losses.55
Neutral
Cash Flow
Operating cash flow remains negative, indicating ongoing cash burn. Free cash flow has improved slightly but remains negative, suggesting the company is not yet self-sustaining. The operating cash flow to net income ratio is unfavorable, reflecting cash flow challenges despite revenue growth.48
Neutral
| Breakdown | |||||
| TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|
| Income Statement | Total Revenue | ||||
| 152.43M | 149.96M | 58.75M | 151.94M | 75.64M | 97.76M | Gross Profit |
| 127.24M | 149.12M | 50.53M | 144.56M | 72.99M | -95.44M | EBIT |
| -99.45M | -110.58M | -168.24M | -121.42M | -202.79M | -131.06M | EBITDA |
| -50.75M | -57.37M | 2.02M | -107.89M | -190.86M | -117.78M | Net Income Common Stockholders |
| -55.81M | -66.97M | -9.06M | -120.02M | -190.86M | -117.78M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | ||||
| 154.14M | 201.67M | 229.81M | 154.35M | 243.62M | 272.53M | Total Assets |
| 224.56M | 261.65M | 298.42M | 280.47M | 335.25M | 378.74M | Total Debt |
| 37.47M | 37.46M | 33.97M | 34.83M | 25.47M | 29.25M | Net Debt |
| -108.10M | -145.38M | -66.98M | -74.05M | -98.00M | -151.88M | Total Liabilities |
| 145.45M | 145.60M | 145.81M | 138.46M | 95.63M | 82.86M | Stockholders Equity |
| 79.12M | 116.06M | 152.61M | 142.01M | 239.62M | 295.88M |
| Cash Flow | Free Cash Flow | ||||
| -72.40M | -72.08M | -79.97M | -90.58M | -150.03M | -117.80M | Operating Cash Flow |
| -69.62M | -68.37M | -78.20M | -86.96M | -143.83M | -111.90M | Investing Cash Flow |
| 134.41M | 149.30M | -80.08M | 70.72M | -36.61M | -7.79M | Financing Cash Flow |
| 430.00K | 960.00K | 150.36M | 1.66M | 122.78M | 174.34M |
MacroGenics Technical Analysis
Negative
1.49
Price Trends
1.58
Negative
2.22
Negative
2.88
Negative
Market Momentum
-0.01
Negative
45.62
Neutral
59.09
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MGNX, the sentiment is Negative. The current price of 1.49 is below the 20-day moving average (MA) of 1.60, below the 50-day MA of 1.58, and below the 200-day MA of 2.88, indicating a bearish trend. The MACD of -0.01 indicates Negative momentum. The RSI at 45.62 is Neutral, neither overbought nor oversold. The STOCH value of 59.09 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for MGNX.
MacroGenics Risk Analysis
MacroGenics disclosed 49 risk factors in its most recent earnings report. MacroGenics reported the most risks in the “Tech & Innovation” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 3 New Risks
1.
We may undertake internal restructuring activities, including associated workforce reductions, that could result in disruptions to our business or otherwise materially harm our results of operations or financial condition. Q4, 2023
2.
If our information technology systems or those third parties upon which we rely for our data, are or were compromised, we could experience adverse consequences resulting from such compromise, including but not limited to regulatory investigations or actions; litigation; fines and penalties; disruptions of our business operations; reputational harm; loss of revenue or profits; loss of customers or sales; and other adverse consequences. Q4, 2023
3.
We are subject to stringent and evolving U.S. and foreign laws, regulations, and rules, contractual obligations, industry standards, policies and other obligations related to data privacy and security. Our actual or perceived failure to comply with such obligations could lead to regulatory investigations or actions; litigation (including class claims) and mass arbitration demands; fines and penalties; disruptions of our business operations; reputational harm; loss of revenue or profits; loss of customers; and other adverse business consequences. Q4, 2023
MacroGenics Peers Comparison
Overall Rating
UnderperformOutperform
Sector (53)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
53 Neutral | $5.24B | 3.07 | -43.58% | 2.80% | 16.87% | -0.11% | |
50 Neutral | $99.05M | ― | -60.25% | ― | 255.31% | -141.39% | |
48 Neutral | $114.07M | ― | -114.74% | ― | 433.43% | 49.04% | |
44 Neutral | $102.31M | ― | -52.76% | ― | -70.31% | -11.68% | |
37 Underperform | $84.10M | ― | -63.22% | ― | -100.00% | -26.44% | |
36 Underperform | $77.45M | ― | -76.21% | ― | ― | 23.55% | |
30 Underperform | $87.98M | ― | -744.59% | ― | ― | 27.65% |
* Healthcare Sector Average
Performance Comparison
MGNX
MacroGenics
1.49
-3.14
-67.82%
VXRT
Vaxart
0.46
-0.44
-48.89%
PLRX
Pliant Therapeutics
1.33
-12.07
-90.07%
ELTX
Elicio Therapeutics
5.36
-3.49
-39.44%
CRBU
Caribou Biosciences
1.02
-1.99
-66.11%
TNYA
Tenaya Therapeutics
0.44
-3.92
-89.91%
MacroGenics Earnings Call Summary
Earnings Call Date:May 13, 2025
(Q4-2024)
| % Change Since: -3.25%|
Next Earnings Date:Aug 12, 2025
Earnings Call Sentiment Neutral
MacroGenics achieved significant clinical and financial milestones in 2024, marked by a substantial increase in revenues and strong progress in clinical trials. However, increased net losses and operating expenses, along with the discontinuation of vobra duo, present challenges. The company remains financially stable with a solid cash position and is poised for future growth.Q4-2024 Updates
Positive Updates
Significant Revenue Growth
MacroGenics reported a total revenue of $150 million for the year ended December 31, 2024, compared to $58.7 million in 2023, primarily due to milestones achieved under the Incyte License Agreement.
Clinical Milestones in 2024
MacroGenics completed enrollment in the LORIKEET Phase 2 trial for lorigerlimab and initiated the LINNET Phase 2 study. The company also advanced its ADC portfolio with MGC026, MGC028, and MGC030.
Strong Financial Position
Cash, cash equivalents, and marketable securities balance was $201.7 million as of December 31, 2024, with projections extending the cash runway into the second half of 2026.
Successful Asset Sale
Completed the sale of MARGENZA to TerSera Therapeutics, yielding a $36.3 million gain and providing non-dilutive capital.
Negative Updates
Increased Net Loss
MacroGenics reported a net loss of $67 million for the year ended December 31, 2024, compared to $9.1 million in 2023, due to increased R&D expenses and other operational costs.
Discontinuation of Vobramitamab Duocarmazine Development
Internal development of vobra duo was halted due to insufficient efficacy and safety data, with plans to seek alternative partnering options.
Increased Operating Expenses
Research and development expenses increased to $177.2 million in 2024, up from $166.6 million in 2023, primarily due to additional costs related to ADC pipeline and lorigerlimab.
Company Guidance
In the conference call, MacroGenics provided guidance and updates on their financial and clinical developments for the year 2024 while highlighting expectations for 2025. The company reported a total revenue of $150 million for 2024, a significant increase from $58.7 million in 2023, largely due to milestone achievements under the Incyte License Agreement. Research and development expenses rose to $177.2 million, up from $166.6 million in the previous year, reflecting increased costs related to their ADC pipeline and clinical trials. Cash, cash equivalents, and marketable securities totaled $201.7 million at the end of 2024, ensuring a cash runway into the second half of 2026. Clinically, MacroGenics provided updates on their investigational therapies, including the completion of enrollment in the 150-patient LORIKEET Phase 2 trial for lorigerlimab and plans to initiate the LINNET Phase 2 study in mid-2025. Additionally, three ADC molecules are in various stages of development, with MGC026 and MGC028 in clinical trials and MGC030 in preclinical studies. The company is also advancing MGD024, a bi-specific DART molecule, with ongoing Phase 1 studies.MacroGenics Corporate Events
Executive/Board ChangesBusiness Operations and Strategy
MacroGenics Extends CEO’s Separation Agreement
Neutral
Feb 26, 2025
On February 25, 2025, MacroGenics announced an amendment to the separation and consulting agreement with its CEO, Dr. Scott Koenig, originally dated October 25, 2024. The amendment extends Dr. Koenig’s separation date and advisory services termination date, while also providing him with a prorated annual bonus. This adjustment allows the company more time to finalize the search for a new CEO, potentially impacting its leadership transition and operational continuity.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.