MacroGenics Inc (MGNX)
NASDAQ:MGNX
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MacroGenics
(NASDAQ:MGNX)
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Rating:47Neutral
Price Target:
$4.50
▲(30.06% Upside)
Action:Reiterated
Date:05/21/26
The score is weighed down primarily by persistent operating losses, heavy cash burn, and a more leveraged balance sheet with a thin equity base. Technicals are strong but overbought, and valuation is constrained by negative earnings. Corporate events provide some support through added cash and regulatory progress, but clinical safety/regulatory risk remains material.
Positive Factors
Solid revenue base and gross margin
A $157M TTM revenue base with ~63% gross margin indicates the core collaboration and license model generates meaningful gross profit. Durable gross margins provide a structural cushion to fund R&D and support pipeline advancement even as operating losses persist, helping sustain operations over the next several quarters if revenue holds.
Negative Factors
Persistent cash burn and negative free cash flow
Sustained negative operating and free cash flow reflect structural funding needs driven by clinical-stage operations with limited commercial product revenue. This ongoing burn necessitates continued external financing or asset monetization, increasing dilution or refinancing risk and constraining the company's ability to self-fund late-stage development absent major milestones.
Read all positive and negative factors
Positive Factors
Negative Factors
Solid revenue base and gross margin
A $157M TTM revenue base with ~63% gross margin indicates the core collaboration and license model generates meaningful gross profit. Durable gross margins provide a structural cushion to fund R&D and support pipeline advancement even as operating losses persist, helping sustain operations over the next several quarters if revenue holds.
Read all positive factors
MacroGenics (MGNX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$264.42M
Dividend YieldN/A
Average Volume (3M)1.19M
Price to Earnings (P/E)―
Beta (1Y)2.03
Revenue Growth1.97%
EPS Growth-25.03%
CountryUS
Employees341
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-1.10
Shares Outstanding63,563,120
10 Day Avg. Volume1,066,287
30 Day Avg. Volume1,189,041
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 Cap0.89
Enterprise Value/Revenue1.49
Enterprise Value/Gross Profit2.13
Enterprise Value/Ebitda-4.14
Forecast
1Y Price Target
$6.33Price Target Upside83.04% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering5
EPS Forecast (FY)-1.23
Revenue Forecast (FY)$136.26M
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) r...
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...
MacroGenics Earnings Call Summary
Earnings Call Date:Mar 20, 2025
(Q4-2024)
| % Change Since: |
Next Earnings Date:Aug 11, 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
34
Negative
Balance Sheet
38
Negative
Cash Flow
28
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 157.08M | 149.50M | 148.34M | 57.19M | 150.02M | 75.64M |
| Gross Profit | 109.85M | 106.32M | 136.04M | 48.97M | 142.63M | 72.99M |
| EBITDA | -56.57M | -65.67M | -57.37M | 2.02M | -107.89M | -190.86M |
| Net Income | -70.36M | -74.62M | -66.97M | -9.06M | -119.76M | -202.12M |
Balance Sheet | ||||||
| Total Assets | 217.87M | 256.85M | 261.65M | 298.42M | 289.51M | 335.25M |
| Cash, Cash Equivalents and Short-Term Investments | 154.23M | 189.91M | 201.67M | 229.81M | 154.35M | 243.62M |
| Total Debt | 36.51M | 106.76M | 37.46M | 33.97M | 34.83M | 25.47M |
| Total Liabilities | 196.68M | 201.25M | 145.60M | 145.81M | 147.50M | 95.63M |
| Stockholders Equity | 21.20M | 55.59M | 116.06M | 152.61M | 142.01M | 239.62M |
Cash Flow | ||||||
| Free Cash Flow | -71.69M | -82.95M | -72.08M | -79.97M | -90.58M | -150.03M |
| Operating Cash Flow | -69.96M | -81.04M | -68.37M | -78.20M | -86.96M | -143.83M |
| Investing Cash Flow | -78.68M | -114.10M | 149.30M | -80.08M | 70.72M | -36.61M |
| Financing Cash Flow | 69.59M | 69.51M | 960.00K | 150.36M | 1.66M | 122.78M |
MacroGenics Technical Analysis
Positive
3.46
Price Trends
3.43
Positive
2.72
Positive
2.16
Positive
Market Momentum
0.32
Negative
59.40
Neutral
39.20
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 3.46 is below the 20-day moving average (MA) of 3.80, above the 50-day MA of 3.43, and above the 200-day MA of 2.16, indicating a bullish trend. The MACD of 0.32 indicates Negative momentum. The RSI at 59.40 is Neutral, neither overbought nor oversold. The STOCH value of 39.20 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
59 Neutral | $162.48M | 1.44 | 55.29% | ― | -100.00% | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
48 Neutral | $45.04M | -1.17 | -84.91% | ― | ― | -40.23% | |
47 Neutral | $264.42M | -3.73 | -147.80% | ― | 1.97% | -25.03% | |
| ― | $90.53M | -8.71 | -65.55% | ― | ― | 19.02% | |
46 Neutral | $102.82M | -1.49 | -26.58% | ― | -1.44% | 11.50% | |
45 Neutral | $304.31M | -0.79 | 309.79% | ― | -35.61% | -68.92% |
* Healthcare Sector Average
MGNX
MacroGenics
4.14
2.75
197.84%
ATOS
Atossa Therapeutics
5.11
-7.89
-60.70%
ORMP
Oramed Pharm
3.89
1.67
75.38%
ANIX
Anixa Biosciences
2.70
-0.19
-6.57%
SEER
Seer
1.88
-0.26
-12.15%
SRZN
Surrozen
24.71
16.58
203.94%
MacroGenics Corporate Events
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
MacroGenics Shareholders Back Board, Auditors and Equity Plan
Positive
May 20, 2026
On May 19, 2026, MacroGenics, Inc. held its 2026 Annual Meeting of Stockholders, with approximately 58% of its 63.6 million outstanding common shares present or represented by proxy as of the March 27, 2026 record date. Stockholders elected four C...
Business Operations and StrategyM&A Transactions
MacroGenics Sells Maryland Biologics Manufacturing to Bora
Positive
May 12, 2026
On May 11, 2026, MacroGenics agreed to sell its GMP drug substance manufacturing operations, including its CDMO business, Maryland manufacturing site and warehouse, and associated liabilities and personnel, to Taiwan-based Bora Pharmaceuticals for...
Business Operations and StrategyPrivate Placements and Financing
MacroGenics Expands ZYNYZ Royalty Agreement for Added Funding
Positive
May 4, 2026
On May 1, 2026, MacroGenics entered into a first amendment to its ZYNYZ royalty purchase agreement with Sagard Healthcare Partners, expanding a June 2025 deal under which it sold royalty rights on global net sales of the PD‑1 inhibitor licen...
Business Operations and StrategyRegulatory Filings and Compliance
MacroGenics Resumes LINNET Trial After FDA Hold Lifted
Positive
Apr 8, 2026
On April 8, 2026, MacroGenics, Inc. announced that the U.S. Food and Drug Administration removed the partial clinical hold on its Phase 2 LINNET study of lorigerlimab in gynecologic cancers, allowing the company to resume enrollment of new partici...
Business Operations and StrategyLegal ProceedingsRegulatory Filings and Compliance
FDA Places Partial Clinical Hold on MacroGenics Trial
Negative
Feb 24, 2026
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 c...
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.