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MacroGenics (MGNX)
NASDAQ:MGNX
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MacroGenics
(NASDAQ:MGNX)
Rating:52Neutral
Price Target:
$1.50
▼(-11.24% Downside)
Positive Factors
Financial Performance
MGNX received a $70M upfront cash payment from a royalty purchase agreement for ZYNYZ.
Leadership
MGNX announced the appointment of Eric Risser as President and CEO, signaling potential positive leadership changes.
Product Development
MGNX's second B7-H3 ADC program, MGC026, has the potential to improve upon Vobra Duo and address a broad range of B7-H3-expressing tumors.
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 Forecast
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.
Stock Valuation
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
$94.18M
Dividend YieldN/A
Average Volume (3M)615.62K
Price to Earnings (P/E)―
Beta (1Y)2.17
Revenue Growth303.47%
EPS Growth73.70%
CountryUS
Employees341
SectorHealthcare
Sector Strength48
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.57
Shares Outstanding63,205,704
10 Day Avg. Volume441,777
30 Day Avg. Volume615,616
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)N/A
P/FCF RatioN/A
Enterprise Value/Market Cap0.08
Enterprise Value/Revenue0.05
Enterprise Value/Gross Profit0.05
Enterprise Value/Ebitda-0.16
Forecast
1Y Price Target
$3.50Price Target Upside107.10% Upside
Rating ConsensusHold
Number of Analyst Covering5
MacroGenics Business Overview & Revenue Model
Company DescriptionMacroGenics, Inc. is a biopharmaceutical company focused on the development and commercialization of innovative monoclonal antibodies for the treatment of cancer and autoimmune diseases. The company specializes in leveraging its proprietary technology platforms, including antibody-drug conjugates and bispecific antibodies, to create targeted therapies that improve patient outcomes. MacroGenics aims to address significant unmet medical needs through its extensive pipeline of product candidates, which are designed to enhance the efficacy and safety profiles of existing treatments.
How the Company Makes MoneyMacroGenics generates revenue primarily through the development and commercialization of its therapeutic products. The company earns money from product sales once its drugs receive regulatory approval and are launched into the market. In addition to direct sales, MacroGenics also benefits from collaborative agreements and partnerships with larger pharmaceutical companies, which can include upfront payments, milestone payments based on the achievement of development goals, and royalties on future product sales. These partnerships allow MacroGenics to leverage the resources and expertise of larger entities while sharing the financial risks associated with drug development. Furthermore, the company may also receive funding through grants or government programs aimed at supporting innovative healthcare solutions.
MacroGenics Earnings Call Summary
Earnings Call Date:Aug 14, 2025
(Q4-2024)
| % Change Since: 4.32%|
Next Earnings Date:Nov 11, 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 Financial Statement Overview
Summary
MacroGenics faces significant financial challenges, with profitability and liquidity being major concerns. Despite strong gross profit margins, the company struggles with negative EBIT and net profit margins, indicating ongoing operational challenges.Income Statement
MacroGenics has shown inconsistent revenue growth, with a significant increase in 2023 but a decline in 2024. The gross profit margin remains strong, but the company struggles with negative EBIT and net profit margins, indicating ongoing operational challenges and profitability issues.45
Neutral
Balance Sheet
The balance sheet reflects moderate stability with a manageable debt-to-equity ratio. However, the declining stockholders' equity and high liabilities suggest potential financial strain. The equity ratio is decreasing, indicating a reliance on debt financing.50
Neutral
Cash Flow
Cash flow analysis reveals negative free cash flow and operating cash flow, indicating liquidity challenges. The free cash flow to net income ratio is negative, highlighting the company's difficulty in converting earnings into cash flow.40
Negative
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 152.43M | 148.34M | 57.19M | 151.94M | 75.64M | 97.76M |
| Gross Profit | 136.84M | 136.04M | 48.97M | 144.56M | 72.99M | -95.44M |
| EBITDA | -47.33M | -57.37M | 2.02M | -107.89M | -190.86M | -117.78M |
| Net Income | -55.81M | -66.97M | -9.06M | -120.02M | -190.86M | -117.78M |
Balance Sheet | ||||||
| Total Assets | 224.56M | 261.65M | 298.42M | 280.47M | 335.25M | 378.74M |
| Cash, Cash Equivalents and Short-Term Investments | 154.14M | 201.67M | 229.81M | 154.35M | 243.62M | 272.53M |
| Total Debt | 37.47M | 37.46M | 33.97M | 34.83M | 25.47M | 29.25M |
| 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
Positive
1.69
Price Trends
1.51
Positive
1.49
Positive
2.23
Negative
Market Momentum
<0.01
Positive
57.53
Neutral
41.82
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 1.69 is above the 20-day moving average (MA) of 1.57, above the 50-day MA of 1.51, and below the 200-day MA of 2.23, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 57.53 is Neutral, neither overbought nor oversold. The STOCH value of 41.82 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 0 New Risks
MacroGenics Peers Comparison
Overall Rating
UnderperformOutperform
Sector (51)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
52 Neutral | $164.83M | ― | -68.93% | ― | -72.45% | -28.60% | |
52 Neutral | $94.18M | ― | -69.71% | ― | 303.47% | 73.70% | |
51 Neutral | $7.82B | -0.16 | -39.78% | 2.19% | 21.38% | -1.56% | |
48 Neutral | $84.13M | ― | -100.35% | ― | 479.58% | 46.15% | |
37 Underperform | $90.24M | ― | -67.55% | ― | ― | -9.87% | |
36 Underperform | $192.31M | ― | -85.21% | ― | ― | 38.94% | |
30 Underperform | $186.75M | ― | -9999.00% | ― | ― | -4.60% |
* Healthcare Sector Average
Performance Comparison
MGNX
MacroGenics
1.69
-1.87
-52.53%
VXRT
Vaxart
0.35
-0.53
-60.23%
PLRX
Pliant Therapeutics
1.45
-12.00
-89.22%
ELTX
Elicio Therapeutics
11.80
7.40
168.18%
CRBU
Caribou Biosciences
1.85
-0.36
-16.29%
TNYA
Tenaya Therapeutics
1.13
-1.77
-61.03%
MacroGenics Corporate Events
Executive/Board ChangesBusiness Operations and Strategy
MacroGenics Appoints Eric Risser as New CEO
Neutral
Aug 13, 2025
On August 13, 2025, MacroGenics announced the appointment of Eric Risser as President, Chief Executive Officer, and Director, succeeding Scott Koenig, who led the company for 24 years. Risser, previously the Chief Operating Officer, aims to focus on creating a capital-efficient biotechnology company that delivers novel therapies for cancer patients, reflecting a strategic shift in leadership and vision for the company’s future.
Private Placements and FinancingBusiness Operations and Strategy
MacroGenics Enters Royalty Purchase Agreement with Sagard
Positive
Jun 10, 2025
On June 9, 2025, MacroGenics, Inc. entered into a Royalty Purchase Agreement with Sagard Healthcare Partners, selling its rights to receive royalties on global net sales of ZYNYZ (retifanlimab-dlwr) starting July 1, 2025. MacroGenics received a $70 million upfront payment, which extends its cash runway through the first half of 2027. Sagard will collect royalties until they reach $140 million, after which MacroGenics will resume collecting royalties. This agreement allows MacroGenics to retain other economic interests in ZYNYZ, including potential development and commercial milestones, while continuing to support global manufacturing needs.
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.