Macrogenics Down 2.49% To $20.00 After Earnings Miss

MacroGenics Inc (MGNX) missed earnings projections on 3/7/2024 for Q4 2023.

Wall Street earnings per share (EPS) projections for Macrogenics were at a loss of $0.15 per share. The company missed those estimates with an EPS loss of $0.75 per share. The loss of $0.75 per share (which represents a -400% EPS surprise) led to the company's profits falling 457% compared to last year when the firm reported an EPS of $0.21. The decline in Macrogenics's annual growth rate represents how the business isn't performing well amid current economic conditions.

Macrogenics reported a revenue of $10.7 million in Q4 2023. The firm managed negative 85% growth year-over-year due to Macrogenics reporting quarterly revenue of $73.1 million in its year-ago quarter. Macrogenics achieved a lower earnings growth rate than revenue, signaling that the business has not been able to improve its profit margin.

The stock is down 2.49% to $20.00 after the report.

Macrogenics's profit margins took a hit as earnings fell at a faster pace than revenues.

The average recommendation from Wall Street analysts was a Strong Buy which may get revised based on this new data.

Trading in the five days leading up to the report earned Macrogenics a Neutral Sentiment Rank from InvestorsObserver.

Prior to the report, InvestorsObserver gave the stock an overall score of 65. Meanwhile, the average Wall Street analyst rated the stock a Strong Buy.

Macrogenics Inc is a biotechnology company focused on discovering and developing antibody-based therapeutics for the treatment of cancer. Its product includes MARGENZA, which is for the treatment of adult patients with metastatic HER2-positive breast cancer. The company's strategy includes leveraging partnerships with a therapeutic focus geared toward developing a broad portfolio of pipeline candidates. The company also targets autoimmune disorders and infectious diseases. The company's intellectual property is characterized by its patent use to protect the composition of its product candidates and the technology used to create them.