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Why MacroGenics Stock Is Tanking Today

TheMotleyFool

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Shares of MacroGenics (NASDAQ: MGNX) were tanking by 19.7% as of 12:22 p.m. ET on Wednesday. The steep decline came after the company provided its first-quarter update following the market close on Tuesday.

MacroGenics reported Q1 revenue of $11.1 million, with $3.6 million in sales of breast cancer drug Margenza and the rest from collaborative agreements. This result was lower than the $16.9 million in revenue recorded in the prior-year period. It also came in well below the consensus revenue estimate of $20 million.

The company posted a net loss in the first quarter of $66.4 million, or $1.08 per share. This was worse than the average analysts' estimate of a Q1 net loss of $0.91 per share.

Source Fool.com

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