MacroGenics (MGNX, Financial) has reported a remarkable first-quarter revenue of $13.19 million, surpassing the anticipated $9.59 million. The company is making significant strides in advancing its clinical product pipeline. A key milestone achieved this quarter was the initiation of patient dosing in the Phase 2 LINNET study of lorigerlimab. This study focuses on patients suffering from platinum-resistant ovarian cancer and clear cell gynecologic cancers. Lorigerlimab is a bispecific checkpoint inhibitor that holds promise in addressing critical unmet needs for these conditions.
Looking ahead, MacroGenics remains committed to furthering its clinical development efforts throughout the year. The company plans to provide an update on the LORIKEET Phase 2 study in the latter half of 2025, continuing its focus on executing its strategic objectives in advancing its innovative therapies.
Wall Street Analysts Forecast
Based on the one-year price targets offered by 4 analysts, the average target price for Macrogenics Inc (MGNX, Financial) is $5.25 with a high estimate of $8.00 and a low estimate of $2.00. The average target implies an upside of 240.91% from the current price of $1.54. More detailed estimate data can be found on the Macrogenics Inc (MGNX) Forecast page.
Based on the consensus recommendation from 8 brokerage firms, Macrogenics Inc's (MGNX, Financial) average brokerage recommendation is currently 2.6, indicating "Hold" status. The rating scale ranges from 1 to 5, where 1 signifies Strong Buy, and 5 denotes Sell.
Based on GuruFocus estimates, the estimated GF Value for Macrogenics Inc (MGNX, Financial) in one year is $3.07, suggesting a upside of 99.35% from the current price of $1.54. GF Value is GuruFocus' estimate of the fair value that the stock should be traded at. It is calculated based on the historical multiples the stock has traded at previously, as well as past business growth and the future estimates of the business' performance. More detailed data can be found on the Macrogenics Inc (MGNX) Summary page.
MGNX Key Business Developments
Release Date: March 20, 2025
- Total Revenue: $150 million for the year ended December 31, 2024, up from $58.7 million in 2023.
- Revenue from Collaborative and Other Agreements: $118.9 million.
- MARGENZA Net Sales: $16.4 million.
- Contract Manufacturing Revenue: $13.1 million.
- Research and Development Expenses: $177.2 million, up from $166.6 million in 2023.
- Selling, General, and Administrative Expenses: $71 million, up from $52.2 million in 2023.
- Net Loss: $67 million for the year ended December 31, 2024, compared to $9.1 million in 2023.
- Cash, Cash Equivalents, and Marketable Securities: $201.7 million as of December 31, 2024, down from $229.8 million in 2023.
- Cash Runway: Expected to extend into the second half of 2026.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
- Macrogenics Inc (MGNX, Financial) achieved significant clinical development milestones in 2024, positioning the company for continued progress in 2025.
- The company completed enrollment in the LORIKEET Phase 2 trial for lorigerlimab, targeting metastatic castration-resistant prostate cancer.
- Macrogenics Inc (MGNX) reported a substantial increase in total revenue for 2024, reaching $150 million, primarily due to milestones achieved under the Incyte License Agreement.
- The company has a promising ADC portfolio, with MGC026 and MGC028 in clinical development, and MGC030 in preclinical studies.
- Macrogenics Inc (MGNX) successfully completed the sale of MARGENZA to TerSera Therapeutics, providing non-dilutive capital to invest in their clinical pipeline and R&D efforts.
Negative Points
- The company reported a net loss of $67 million for the year ended December 31, 2024, compared to a net loss of $9.1 million in 2023.
- Research and development expenses increased to $177.2 million in 2024, driven by costs related to MGC028 and lorigerlimab.
- Selling, general, and administrative expenses rose to $71 million in 2024, partly due to an amendment fee paid to a former commercial partner.
- Macrogenics Inc (MGNX) decided not to pursue further internal development of vobra duo, exploring potential alternatives for partnering the program.
- The company's cash, cash equivalents, and marketable securities balance decreased to $201.7 million as of December 31, 2024, from $229.8 million in 2023.
