MacroGenics (MGNX) AI Stock Analysis

• Market Cap: $197.02M
• Dividend Yield: N/A
• Average Volume (3M): 711.95K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.85
• Revenue Growth: -9.70%
• EPS Growth: 23.23%
• Country: US
• Employees: 341
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.23
• Shares Outstanding: 63,555,836
• 10 Day Avg. Volume: 450,678
• 30 Day Avg. Volume: 711,949
• 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 Cap: 1.25
• Enterprise Value/Revenue: 1.64
• Enterprise Value/Gross Profit: 2.31
• Enterprise Value/Ebitda: -3.74
• 1Y Price Target: $4.00
• Price Target Upside: 29.03% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): -1.63
• Revenue Forecast (FY): $100.23M

• Rating: 43 Neutral
• Price Target: $3.00 ▼(-3.23% Downside)
• Action: Reiterated Date: 03/11/26
• Date: Action: Reiterated 03/11/26

The score is driven primarily by weak financial performance (ongoing losses and significant cash burn) and a negative regulatory event (partial clinical hold tied to serious safety issues). Technicals are supportive via strong trend and positive MACD, but extremely overbought readings increase downside risk. Valuation is constrained by a negative P/E and no dividend yield data.

Positive Factors

Proprietary antibody platform and partnerships

MacroGenics’ proprietary antibody engineering and multi‑specific DART platforms create durable competitive advantages: they enable a pipeline of differentiated candidates and make the company an attractive collaborator. Platform-driven partnerships can supply recurring non-dilutive funding, milestone upside and risk-sharing over multiple programs, supporting R&D continuity and long-term value creation even if single assets fail.

Recent revenue rebound

A ~19% revenue rebound signals improving collaboration, milestone or service income that strengthens near-term funding capacity. Sustained revenue recovery reduces reliance on immediate financing, supports ongoing R&D spending, and suggests the company can convert partnerships and program progress into repeatable cash inflows over the next several quarters.

Moderate, manageable leverage

Total debt in the mid‑$30M range and moderate debt ratios imply limited near-term interest burden and borrowing risk relative to many peers. Manageable leverage gives flexibility to raise financing if needed and avoids severe solvency pressure, allowing the company to prioritize R&D and clinical progress without large fixed financing costs in the medium term.

Negative Factors

Regulatory setback on key asset

The FDA partial clinical hold on lorigerlimab represents a structural development: it pauses enrollment, raises safety questions, and delays a core program’s timeline. This materially threatens expected development milestones, potential partner payments and future commercial prospects for a lead asset, increasing program risk and likely extending cash needs and uncertainty about regulatory outcomes.

Consistent negative cash flow and worsening FCF

Persistent negative operating and free cash flow, with a ~50% FCF deterioration in 2025, indicates ongoing cash burn that is not self‑sustaining. Over multiple quarters this forces reliance on external funding, increasing dilution or debt issuance risk, constrains discretionary R&D investment, and materially influences the company’s ability to finance pivotal trials without partner support.

Ongoing net losses and deep negative margins

Sustained multi-year net losses and very negative margins (~-45% to -50%) erode equity and demonstrate the business hasn’t achieved operating leverage. This undermines the company’s ability to self-fund growth, weakens balance-sheet resilience, and increases dependence on partners or capital markets, which can be dilutive or costly and limit strategic optionality over time.

MacroGenics Business Overview & Revenue Model

Company Description

MacroGenics, 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 Money

MacroGenics primarily generates revenue through (1) collaboration and license agreements and (2) to a lesser extent, product-related income when applicable. Under collaboration/license deals, MacroGenics may earn upfront payments, research funding, and milestone payments tied to development, regulatory, and commercialization events, as well as royalties on net sales if partnered products reach the market. The company also may recognize revenue from providing research or development services under such agreements. If MacroGenics has commercial rights to any approved product, it can generate revenue from product sales and/or profit-sharing arrangements; if there is no currently material commercial product revenue, this stream may be limited and the business may rely predominantly on collaboration-related payments and financing to fund R&D. Specific current products, deal counterparties, or the proportion of revenue by stream are null.

MacroGenics Financial Statement Overview

Summary

Revenue has improved, but profitability remains weak with persistent net losses and deeply negative margins. Cash flow is a major concern with ongoing negative operating/free cash flow and worsening free cash flow in 2025, while balance-sheet leverage is moderate but equity is eroding.

Income Statement

Revenue has rebounded meaningfully (up ~19% in 2025 vs. 2024 after a sharp drop in 2023), but profitability remains weak. Net losses persist every year shown, with net margins still deeply negative in 2024–2025 (roughly -45% to -50%). While losses narrowed versus some earlier periods (notably 2020–2022), the business has not demonstrated sustained operating leverage, and earnings volatility remains high.

Balance Sheet

Leverage is moderate and generally manageable, with debt-to-equity in a reasonable range (about 0.32 in 2024 and ~0.66 in 2025), and total debt fairly stable around the mid-$30M level. The key concern is the rapid erosion in equity (down materially from 2024 to 2025), reflecting ongoing losses and weakening the balance-sheet cushion. Returns on equity are consistently negative, underscoring that capital is not yet producing profits.

Cash Flow

Cash generation is a clear weak spot: operating cash flow and free cash flow are negative across all periods shown, indicating the company is consuming cash to operate and invest. Free cash flow deterioration in 2025 (down ~50% year over year) is particularly concerning, and cash burn remains large relative to reported losses, suggesting continued external funding needs if trends persist.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	149.50M	148.34M	57.19M	150.02M	75.64M
Gross Profit	106.32M	136.04M	48.97M	142.63M	72.99M
EBITDA	-65.67M	-57.37M	2.02M	-107.89M	-190.86M
Net Income	-74.62M	-66.97M	-9.06M	-119.76M	-202.12M
Balance Sheet
Total Assets	256.85M	261.65M	298.42M	289.51M	335.25M
Cash, Cash Equivalents and Short-Term Investments	189.91M	201.67M	229.81M	154.35M	243.62M
Total Debt	106.76M	37.46M	33.97M	34.83M	25.47M
Total Liabilities	201.25M	145.60M	145.81M	147.50M	95.63M
Stockholders Equity	55.59M	116.06M	152.61M	142.01M	239.62M
Cash Flow
Free Cash Flow	-82.95M	-72.08M	-79.97M	-90.58M	-150.03M
Operating Cash Flow	-81.04M	-68.37M	-78.20M	-86.96M	-143.83M
Investing Cash Flow	-114.10M	149.30M	-80.08M	70.72M	-36.61M
Financing Cash Flow	69.51M	960.00K	150.36M	1.66M	122.78M

MacroGenics Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 3.10
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MGNX, the sentiment is Positive. The current price of 3.1 is above the 20-day moving average (MA) of 2.24, above the 50-day MA of 1.95, and above the 200-day MA of 1.67, indicating a bullish trend. The MACD of 0.36 indicates Negative momentum. The RSI at 73.07 is Negative, neither overbought nor oversold. The STOCH value of 72.61 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for MGNX.

MacroGenics Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ORMP	62 Neutral	$139.31M	0.57	27.20%	―	―	814.20%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
SRZN	50 Neutral	$218.57M	-0.39	―	―	-63.96%	-28.50%
ANIX	49 Neutral	$95.22M	-9.85	-65.55%	―	―	11.78%
SEER	46 Neutral	$100.99M	-1.64	-26.04%	―	13.77%	-4.76%
MGNX	43 Neutral	$197.02M	-1.36	-81.13%	―	-9.70%	23.23%
ATOS	43 Neutral	$42.80M	-3.22	-48.89%	―	―	-9.42%

MacroGenics Corporate Events

FDA Places Partial Clinical Hold on MacroGenics Trial

On February 23, 2026, MacroGenics announced that the U.S. Food and Drug Administration placed a partial clinical hold on its Phase 2 LINNET trial of lorigerlimab, a bispecific DART molecule targeting PD-1 and CTLA-4, in patients with gynecologic cancers. Under the hold, enrollment of new participants is paused, though the 41 patients already dosed in the platinum-resistant ovarian and clear cell gynecologic cancer cohorts may continue receiving treatment.

The FDA action followed MacroGenics’ own temporary enrollment pause after serious safety events across four patients, including Grade 4 thrombocytopenia, myocarditis, neutropenia with septic shock, and one resulting Grade 5 event. The move highlights heightened regulatory scrutiny around lorigerlimab’s safety profile and injects uncertainty into the development timeline of a key oncology asset for MacroGenics and its stakeholders.

The most recent analyst rating on (MGNX) stock is a Hold with a $2.00 price target. To see the full list of analyst forecasts on MacroGenics stock, see the MGNX Stock Forecast page.