Why Shares of MacroGenics Climbed Thursday
Shares of MacroGenics (NASDAQ: MGNX) were up 14.5% in early trading Thursday thanks to a strong 2022 earnings report that it released after the market closed Wednesday. The biotech company focuses on monoclonal antibody-based therapeutics to treat cancer. Its stock is down more than 18% over the past 12 months, but up more than 8% so far in 2023.
For the full year, MacroGenics had revenue of $151.9 million, compared to $77.4 million in 2021. It also cut its net loss to $119.8 million, compared to its loss of $202.1 million in 2021. The company's revenues came from sales of breast cancer therapy Margenza, as well as agreements with various collaborators, including a $60 million milestone payment from Provention Bio for the approval of teplizumab in the fourth quarter, and $30 million in milestone payments from Incyte related to progress on retifanlimab, all of which Chief Financial Officer Jim Karrels mentioned in the company's fourth-quarter earnings call.
The fourth quarter was the first profitable quarter for the company since Q4 2017. Its net income was $12.8 million ($0.21 per share), compared to a loss of $58.02 million (a loss of $0.30 per share) in the same quarter a year ago.
Source Fool.com
