Why MacroGenics Stock Blasted Higher Today
Now this is how a stock finishes the trading week in style. On Friday, commercial-stage biotech MacroGenics (NASDAQ: MGNX) surged 22% higher. That was thanks to its latest earnings report, which was greeted very warmly by investors.
For its third quarter, MacroGenics earned $41.7 million in revenue, well up from the $15.6 million it booked in the same period of 2021. The bottom line also saw a notable improvement, with the net loss narrowing considerably to $24.8 million ($0.40 per share) from the year-ago quarter's nearly $53 million.
According to Zack's, analysts were collectively expecting a deeper per-share net loss of $0.49. The company also beat on the top line by nearly 84%.
Source Fool.com
