MacroGenics (MGNX) Surges 6.8%: Is This an Indication of Further Gains?
MacroGenics MGNX shares ended the last trading session 6.8% higher at $15.27. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 43.6% gain over the past four weeks.
Shares of MacroGenics have been rising since November 2023 in anticipation of favorable data readout from the ongoing phase II study evaluating vobramitamab duocarmazine (vobra duo) in metastatic castration-resistant prostate cancer. The company completed enrollment in the study in November last year and a clinical update is expected by June 2024. Apart from vobra duo, several data readouts from other ongoing early- to mid-stage clinical studies on different pipeline candidates will be key drivers for its share price going forward.
This biopharmaceutical company is expected to post quarterly loss of $0.26 per share in its upcoming report, which represents a year-over-year change of -223.8%. Revenues are expected to be $25.7 million, down 64.8% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For MacroGenics, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on MGNX going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
MacroGenics is a member of the Zacks Medical - Products industry. One other stock in the same industry, ZimVie Inc. ZIMV, finished the last trading session 2.1% higher at $17.84. ZIMV has returned 2.2% over the past month.
ZimVie Inc.'s consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.12. Compared to the company's year-ago EPS, this represents a change of -25%. ZimVie Inc. currently boasts a Zacks Rank of #4 (Sell).
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