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MacroGenics
(NASDAQ:MGNX)
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Rating:46Neutral
Price Target:
$4.00
▼(-0.99% Downside)
Action:Reiterated
Date:09/29/26
The score is held down primarily by weak financial performance, driven by continued negative profitability and substantial negative operating/free cash flow despite improving revenue and narrowing losses. Technicals are largely neutral with only mild negative momentum signals. Corporate events are a meaningful positive (asset sale and encouraging early clinical progress), but they do not fully offset the current cash-burn risk and loss-making profile; valuation is also limited by negative earnings and no dividend support.
Positive Factors
Improving Revenue and Loss Trend
Revenue growth and a substantial narrowing of losses indicate improving operating performance and possible cost or mix benefits. Although the company remains unprofitable, this trajectory could strengthen its ability to fund development and move toward breakeven over the next several quarters.
Negative Factors
Persistent Cash Burn
Ongoing negative operating and free cash flow means MacroGenics is not yet funding its activities internally, increasing dependence on cash reserves, partnerships, asset proceeds, or future financing. Continued burn could constrain pipeline investment and weaken flexibility if profitability is delayed.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving Revenue and Loss Trend
Revenue growth and a substantial narrowing of losses indicate improving operating performance and possible cost or mix benefits. Although the company remains unprofitable, this trajectory could strengthen its ability to fund development and move toward breakeven over the next several quarters.
Read all positive factors
MacroGenics (MGNX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$238.24M
Dividend YieldN/A
Average Volume (3M)560.98K
Price to Earnings (P/E)―
Beta (1Y)1.95
Revenue Growth1.32%
EPS Growth59.94%
CountryUS
Employees293
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.22
Shares Outstanding63,700,188
10 Day Avg. Volume773,622
30 Day Avg. Volume560,978
Financial Highlights & Ratios
PEG Ratio-0.13
Price to Book (P/B)1.83
Price to Sales (P/S)0.68
P/FCF Ratio-1.23
Enterprise Value/Market Cap1.34
Enterprise Value/Revenue1.90
Enterprise Value/Gross Profit3.77
Enterprise Value/Ebitda-3.90
Forecast
1Y Price Target
$7.00Price Target Upside73.27% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering4
EPS Forecast (FY)-1.75
Revenue Forecast (FY)$117.49M
MacroGenics Business Overview & Revenue Model
Company Description
MacroGenics, Inc., a clinical-stage biopharmaceutical company, discovers, develops, manufactures, and commercializes antibody-based therapeutics for the treatment of cancer in the United States. The company’s product pipeline includes lorigerlimab...
How the Company Makes Money
MacroGenics primarily makes money through a combination of (1) collaboration and license revenue and (2) product-related revenue where applicable, supplemented by (3) other income sources typical of clinical-stage biotech companies.
1) Collaborat...
MacroGenics Earnings Call Summary
Earnings Call Date:Mar 20, 2025
(Q4-2024)
| % Change Since: |
Next Earnings Date:Nov 04, 2026
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.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.
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.
Read all updates
Q4-2024 Updates
Positive
Negative
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.
Read all positive updates
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 Financial Statement Overview
Summary
Income Statement
43
Neutral
Balance Sheet
52
Neutral
Cash Flow
32
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 167.67M | 149.50M | 148.34M | 57.19M | 150.02M | 75.64M |
| Gross Profit | 84.57M | 106.32M | 136.04M | 48.97M | 142.63M | 72.99M |
| EBITDA | -81.74M | -59.61M | -57.37M | 2.02M | -107.89M | -190.86M |
| Net Income | -14.59M | -74.62M | -66.97M | -9.06M | -119.76M | -202.12M |
Balance Sheet | ||||||
| Total Assets | 345.41M | 256.85M | 261.65M | 298.42M | 289.51M | 335.25M |
| Cash, Cash Equivalents and Short-Term Investments | 173.31M | 189.91M | 201.67M | 229.81M | 154.35M | 243.62M |
| Total Debt | 35.09M | 106.76M | 37.46M | 33.97M | 34.83M | 25.47M |
| Total Liabilities | 302.54M | 201.25M | 145.60M | 145.81M | 147.50M | 95.63M |
| Stockholders Equity | 42.87M | 55.59M | 116.06M | 152.61M | 142.01M | 239.62M |
Cash Flow | ||||||
| Free Cash Flow | -65.54M | -82.95M | -72.08M | -79.97M | -90.58M | -150.03M |
| Operating Cash Flow | -63.72M | -81.04M | -68.37M | -78.20M | -86.96M | -143.83M |
| Investing Cash Flow | -13.08M | -114.10M | 149.30M | -80.08M | 70.72M | -36.61M |
| Financing Cash Flow | 60.02M | 69.51M | 960.00K | 150.36M | 1.66M | 122.78M |
MacroGenics Technical Analysis
Neutral
4.04
Price Trends
3.99
Negative
4.14
Negative
3.32
Positive
Market Momentum
-0.12
Positive
46.16
Neutral
25.82
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MGNX, the sentiment is Neutral. The current price of 4.04 is above the 20-day moving average (MA) of 3.86, above the 50-day MA of 3.99, and above the 200-day MA of 3.32, indicating a neutral trend. The MACD of -0.12 indicates Positive momentum. The RSI at 46.16 is Neutral, neither overbought nor oversold. The STOCH value of 25.82 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
54 Neutral | $180.12M | 1.02 | 72.96% | 6.79% | -100.00% | ― | |
54 Neutral | $348.96M | -0.72 | 187.62% | ― | -8.79% | -195.46% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | $121.26M | -1.80 | -27.23% | ― | -13.23% | 12.29% | |
49 Neutral | $100.82M | -9.51 | -70.44% | ― | ― | 10.04% | |
46 Neutral | $238.24M | -17.00 | -31.27% | ― | 1.32% | 59.94% | |
46 Neutral | $24.35M | -0.56 | -102.99% | ― | ― | -28.83% |
* Healthcare Sector Average
MGNX
MacroGenics
3.72
2.08
126.83%
ATOS
Atossa Therapeutics
2.39
-13.36
-84.84%
ORMP
Oramed Pharm
4.27
2.02
90.12%
ANIX
Anixa Biosciences
2.84
-1.68
-37.17%
SEER
Seer
2.15
-0.06
-2.71%
SRZN
Surrozen
24.76
10.94
79.16%
MacroGenics Corporate Events
Business Operations and StrategyProduct-Related Announcements
MacroGenics Advances MGC026 in Phase 1 Oncology Trial
Positive
Jul 23, 2026
On July 23, 2026, MacroGenics reported a clinical update from its ongoing Phase 1 trial of MGC026, a novel B7-H3-directed antibody-drug conjugate for advanced solid tumors. Dose escalation, conducted between 1 mg/kg and 9 mg/kg and completed in la...
Executive/Board Changes
MacroGenics announces upcoming board change with director resignation
Neutral
Jul 8, 2026
On July 1, 2026, MacroGenics, Inc. announced that board member Karen Ferrante, M.D. had notified the company of her decision to resign from its board of directors, effective September 1, 2026. The company emphasized that her departure was due to p...
Business Operations and StrategyM&A Transactions
MacroGenics Completes Asset Sale, Shifts to R&D Focus
Positive
Jul 7, 2026
On June 30, 2026, MacroGenics completed the previously announced sale of certain assets and liabilities related to its GMP manufacturing and CDMO operations in Rockville and Frederick, Maryland, to Bora Pharmaceuticals and Bora Biologics USA for $...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
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.