# MacroGenics, Inc. (MGNX)

> Source: Nexqual · https://nexqual.com/MGNX · data as of 2026-10-28 18:52 UTC · cite as "Nexqual, MacroGenics, Inc. (MGNX), nexqual.com/MGNX" · informational, not investment advice.

**Price:** USD 2.44 (+0.00% today) · US market open, as of October 28, 2026 at 18:52 UTC; quotes may be delayed. Prev close 2.44 · day 2.35–2.55 · 52w 1.29–5.08 · market cap $155M · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $168M, net income -$14.6M (-8.7% margin), free cash flow -$65.5M (SEC filings).
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $129K; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.43 on a 1–5 scale) (7 analysts), mean target USD 8 (range 4–11).
- Total return with dividends: 1Y +31.9% vs S&P 500 +13.5%; 5Y -87.5% vs S&P 500 +79.6%.
- Next earnings: 2026-11-12, EPS estimate USD -0.13, revenue estimate $39.2M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $77.4M | $152M | $58.7M | $150M | $150M | $168M |
| Gross profit | $74.8M | $149M | $58.1M | $149M | $150M | — |
| Operating income | -$203M | -$121M | -$168M | -$111M | -$72.8M | -$40.8M |
| Net income | -$202M | -$120M | -$9.1M | -$67.0M | -$74.6M | -$14.6M |
| EPS (diluted) | -$3.37 | -$1.95 | -$0.15 | -$1.07 | -$1.18 | — |
| Free cash flow | -$150M | -$90.6M | -$80.0M | -$72.1M | -$83.0M | -$65.5M |
| Gross margin | 96.6% | 97.8% | 98.9% | 99.4% | 100.0% | — |
| Operating margin | -261.9% | -79.9% | -286.4% | -73.7% | -48.7% | -24.3% |
| Net margin | -261.0% | -78.8% | -15.4% | -44.7% | -49.9% | -8.7% |
| Revenue growth | -26.2% | +96.2% | -61.3% | +155.3% | -0.3% | — |
| Cash + short-term investments | — | $109M | $101M | $183M | $57.2M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 0.9x · P/B 3.6x · FCF yield -42.17% · Earnings yield -9.39%

## Insider sales (SEC Form 4, open-market, last ~7 months)
1 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-19 | Peters Jeffrey Stuart | Senior VP, GC, and Secretary | 31,105 | $129K | 100% | Yes (adopted May 20, 2026) | Too little history (no open-market trades in 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.43 on a 1–5 scale), 7 analysts; mean target USD 8 (low 4, high 11).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-17 | B. Riley Securities | Target raised | Buy | $9 → $11 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-28) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +31.9% | -87.5% |
| S&P 500 (SPY) | +13.5% | +79.6% |
| Per year | +31.9% | -34.0% |
| Volatility (annualized) | 92.8% | 111.2% |
| Max drawdown | -54.9% (Jun 2026→Oct 2026) | -95.2% (Nov 2021→Mar 2025) |

## Peers (Biotechnology)
RYTM (Rhythm Pharmaceuticals, Inc.) USD 91.59 -0.64% · ORKA (Oruka Therapeutics, Inc.) USD 94.76 -1.10% · IOVA (Iovance Biotherapeutics, Inc.) USD 14.66 +0.51% · IONS (Ionis Pharmaceuticals, Inc.) USD 44.12 +0.36% · AXSM (Axsome Therapeutics, Inc.) USD 143.25 +0.74% · ABVX (Abivax SA) USD 89 +2.29%

## More
Full page: https://nexqual.com/MGNX · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in MGNX's own 10-K filed 2026-03-09 (https://www.sec.gov/Archives/edgar/data/1125345/000112534526000017/mgnx-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | INCYTE CORP (INCY) | "In 2017, we licensed retifanlimab, a mAb targeting PD-1, to Incyte Corporation (Incyte) under a global collaboration and license agreement (Incyte License Agreement); we retain the right to develop the molecule in combin…" |
| Partner | GILEAD SCIENCES, INC. (GILD) | "We are also collaborating with Gilead Sciences, Inc. (Gilead) on the development of MGD024, a bispecific DART molecule targeting CD123 and CD3 that utilizes our next-generation T-cell engager technology, as well as two a…" |
| Partner | Synaffix | "This cleavable linker-payload is based on exatecan, a clinically validated and potent camptothecin, and is site-specifically conjugated using the GlycoConnect® technology developed by our collaboration partner, Synaffix …" |
| Partner | Sanofi (SNY) | "In April 2023, Sanofi S.A. completed its acquisition of Provention and the Company entered into a tripartite agreement with DRI and Sanofi under which it was released of any obligations under the Royalty Purchase Agreeme…" |
| Partner | Lonza | "This cleavable linker-payload is based on exatecan, a clinically validated and potent camptothecin, and is site-specifically conjugated using the GlycoConnect® technology developed by our collaboration partner, Synaffix …" |
| Partner | Eversana Life Sciences Services | "In November 2024, we paid an $8.0 million amendment fee to Eversana Life Sciences Services, LLC (Eversana), our former partner that had previously commercialized MARGENZA." |
| Partner | TerSera Therapeutics | "In connection with the sale, we entered into an agreement with TerSera to provide manufacturing services to produce MARGENZA." |
| Partner | Eversana Life Science Services | "Selling, general and administrative expense also includes legal and professional fees and included costs incurred under the arrangement with our commercialization partner, Eversana Life Science Services, LLC in 2023 and …" |

Other companies that name MGNX in their own reports (relationship from MGNX's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | INCYTE CORP (INCY) | 10-K 2026-02-10 | "In October 2017, we and MacroGenics, Inc. ("MacroGenics"), announced an exclusive global collaboration and license agreement for MacroGenics' retifanlimab (formerly INCMGA0012), a humanized monoclonal…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Collaborative and other agreements | $25.5M | 77.6% | +358.6% |
| Royalty revenue | $7.3M | 22.4% | +460.2% |
| Total revenue | $32.8M | 100% | — |

## Customer concentration

Period ended 2025-12-31: 33%, 32%, 24% of revenue from unnamed direct customers (10-K, filed 2026-03-09).

## Company outlook (8-K filed 2026-08-13)

- "Guidance : MacroGenics anticipates that its pro forma cash, cash equivalents and marketable securities of $327 million as of June 30, 2026, plus other projected future payments from partners, will support the Company's cash runway through 2028."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.13 | $-0.31 | +$0.19 | $39.2M | 2 |
| Next quarter (ends 2026-12-31) | $-0.35 | $-0.28 | −$0.06 | $19.9M | 1 |
| Current fiscal year (ends 2026-12-31) | $-1.56 | $-0.67 | −$0.89 | $108.2M | 7 |
| Next fiscal year (ends 2027-12-31) | $-1.47 | $-1.41 | −$0.05 | $90.6M | 2 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-12): ±22.5%; last 8 reports averaged ±13.9%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 23 | 99.4% | ±22.5% |
| 2027-01-15 | 79 | 131.0% | ±57.3% |
| 2027-04-16 | 170 | 101.7% | ±63.5% |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| Aug 13, 2026 | Quarter ended Jun 30, 2026 | $1.14 | $0.26 | Beat +338.5% | +5.0% |
| May 13, 2026 | Quarter ended Mar 31, 2026 | −$0.58 | −$0.55 | Miss −5.5% | +18.2% |
| Mar 9, 2026 | Quarter ended Dec 31, 2025 | −$0.22 | −$0.02 | Miss −$0.20 | +53.8% |
| Nov 12, 2025 | Quarter ended Sep 30, 2025 | $0.27 | −$0.50 | Beat +$0.77 | +5.3% |
| Aug 14, 2025 | — | — | — | — | -4.8% |
| May 13, 2025 | — | — | — | — | -2.5% |
| Mar 20, 2025 | — | — | — | — | -8.5% |
| Nov 5, 2024 | — | — | — | — | +13.2% |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-23 | 8-K | Other material event — “On October 23, 2026, MacroGenics, Inc. (the "Company") issued a press release announcing interim data related to its Phase 1 study evaluating MGC026, a B7-H3-directed antibody-drug conjugate, in patients with advanced solid tumors (the "Press Release"). The interim data will be presented in a poster presentation at the European Society for Medical Oncology Congress, taking place in Madrid, Spain from October 23-27, 2026. On October 23, 2026, the Company also posted a slide presentation titled "MGC026 Clinical…” | https://www.sec.gov/Archives/edgar/data/1125345/000112534526000066/0001125345-26-000066-index.htm |
| 2026-09-03 | 8-K/A | Current report | https://www.sec.gov/Archives/edgar/data/1125345/000112534526000059/0001125345-26-000059-index.htm |
| 2026-08-14 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1125345/000112534526000056/0001125345-26-000056-index.htm |
| 2026-08-14 | Schedule 13G/A | Armistice Capital, LLC, Steven Boyd: 7.9% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1125345/000117266126003604/0001172661-26-003604-index.htm |
| 2026-08-13 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1125345/000112534526000054/0001125345-26-000054-index.htm |
| 2026-08-03 | Schedule 13G/A | BANK OF AMERICA CORP /DE/: 4.0% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1125345/000007085826000403/0000070858-26-000403-index.htm |
| 2026-07-29 | Schedule 13G | BlackRock, Inc.: 7.1% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/1125345/000201238326002901/0002012383-26-002901-index.htm |
| 2026-07-23 | 8-K | Other material event — “On July 23 , 2026, MacroGenics, Inc. issued a press release providing a clinical update on its ongoing Phase 1 study of MGC026. A copy of the press release is attached to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated by reference into this Item 8.01.” | https://www.sec.gov/Archives/edgar/data/1125345/000112534526000050/0001125345-26-000050-index.htm |
| 2026-07-20 | Schedule 13G/A | Millennium Management LLC, Millennium Group Management LLC: 3.7% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1125345/000110465926085111/0001104659-26-085111-index.htm |
| 2026-07-08 | 8-K | Director or executive officer change, or pay arrangement — “On July 1, 2026, Karen Ferrante, M.D. provided notice to the board of directors (the "Board") of MacroGenics, Inc. (the "Company") of her decision to resign from the Board, effective September 1, 2026. Dr. Ferrante's decision was for personal reasons and was not the result of any disagreement with the Company or any matter relating to the Company's operations, policies or practices. The Company thanks Dr. Ferrante for her many contributions to the Company.” | https://www.sec.gov/Archives/edgar/data/1125345/000112534526000047/0001125345-26-000047-index.htm |
| 2026-07-07 | 8-K | Completed an acquisition or sale of assets; Regulation FD disclosure — “Effective as of June 30, 2026, MacroGenics, Inc. (the " Company ") completed the previously announced sale (the " Closing ") of certain assets and liabilities related to its GMP manufacturing operations, including its CDMO business (the " CDMO Operations ") conducted by the Company at its manufacturing facility located at 9704 Medical Center Drive, Rockville, Maryland and related warehouse operations located at 4735 Arcadia Drive, Frederick, Maryland (excluding all research and related assets and operations of the…” | https://www.sec.gov/Archives/edgar/data/1125345/000112534526000045/0001125345-26-000045-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.