Macrogenics
MGNX on Nasdaq. Pharmaceutical preparations. Market value $240m.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Health care stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-28.27 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns -257 cents a year. Above 10 is good.
Quality score: 40 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$3.64 a share, 182% above its 1-year low
Over the past year the price has ranged from $1.29 to $5.08.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $77m | $152m | $59m | $150m | $150m |
| Operating margin | |||||
| Operating margin | -261.9% | -79.9% | -286.4% | -73.7% | -48.7% |
| Debt to equity | |||||
| Debt to equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Shares outstanding | |||||
| Shares outstanding | 0.06bn | 0.06bn | 0.06bn | 0.06bn | 0.06bn |
Health checks
- Free cash flow positive0 of 5 years
- Accounting checksSkipped: company is not yet profitable
- Debt0.00× equity
- Revenue growth, five yearsSlow, 7.3% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $33 million last quarter, up 378% on a year ago.
- Profit: $20 million, after a loss of $36 million a year ago.
- Over the past 12 months it spent $66 million more cash than it brought in, compared with $75 million a year earlier.
- 1% more shares than a year ago. Each share owns a bit less of the company.
- It has $114 million more cash than debt, down from $131 million a year ago.
- Sales grew on a year ago in 3 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $111m |
| December 2024 | $19m |
| March 2025 | $13m |
| June 2025 | $7m |
| September 2025 | $73m |
| December 2025 | $41m |
| March 2026 | $21m |
| June 2026 | $33m |
| Quarter to | Amount |
|---|---|
| September 2024 | $56m |
| December 2024 | -$15m |
| March 2025 | -$41m |
| June 2025 | -$36m |
| September 2025 | $17m |
| December 2025 | -$14m |
| March 2026 | -$37m |
| June 2026 | $20m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 9 March 2026
- Next quarterly (estimated, 10-Q)
- 13 November 2026
Who owns it
None of the long-term investors we follow own it. 122 funds in all.
Largest holders overall
- Armistice Capital$23mCut
- BlackRock$22mAdded
- Vanguard Capital Management$12m
- Renaissance Technologies$12mCut
- Acadian Asset Management$12m
- Bank of America$11mAdded
- TWO Sigma Investments, LP$11mCut
- Millennium Management$11mCut
- Wasatch Advisors LP$9mAdded
- RA Capital Management, L.P.$9m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- Armistice Capital, LLCPassive investorat least 7.9%−1.6 pts(filed with 1 related holder)Since 30 June 2026
- BlackRock, Inc.Passive investor7.1%+4.2 ptsSince 30 June 2026
- Millennium Management LLCPassive investorat least 3.7%−1.7 pts(filed with 2 related holders)Since 30 June 2026
- BANK OF AMERICA CORP /DE/Passive investorSold down below 5%Since 30 June 2026
- Wasatch Advisors LPPassive investorSold down below 5%Since 30 September 2025
- Frazier Life Sciences Public Overage Fund, L.P.Passive investorSold down below 5%Since 30 June 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
- Frazier Life Sciences Public Fund, L.P.Passive investorSold down below 5%Since 31 December 2025
- Bellevue Group AGPassive investorSold down below 5%Since 5 December 2025
- BB Biotech AGPassive investorSold down below 5%Since 1 June 2025
- RA Capital Management, L.P.Passive investorSold down below 5%Since 31 December 2024
| Holder | Stake | Since | |
|---|---|---|---|
Armistice Capital, LLC Passive investor | at least 7.9%−1.6 pts (filed with 1 related holder) | 30 June 2026 | |
BlackRock, Inc. Passive investor | 7.1%+4.2 pts | 30 June 2026 | |
Millennium Management LLC Passive investor | at least 3.7%−1.7 pts (filed with 2 related holders) | 30 June 2026 | |
BANK OF AMERICA CORP /DE/ Passive investor | Sold down below 5% | 30 June 2026 | |
Wasatch Advisors LP Passive investor | Sold down below 5% | 30 September 2025 | |
Frazier Life Sciences Public Overage Fund, L.P. Passive investor | Sold down below 5% | 30 June 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 | |
Frazier Life Sciences Public Fund, L.P. Passive investor | Sold down below 5% | 31 December 2025 | |
Bellevue Group AG Passive investor | Sold down below 5% | 5 December 2025 | |
BB Biotech AG Passive investor | Sold down below 5% | 1 June 2025 | |
RA Capital Management, L.P. Passive investor | Sold down below 5% | 31 December 2024 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 1 sold $129,086, $129,086 of it under preset trading plans.
- Peters Jeffrey StuartSenior VP, GC, and SecretarySoldunder a preset trading plan
- Date
- 19 August 2026
- Shares
- 31,105
- Price
- $4.15
- Value
- $129,086
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 19 August 2026 | Peters Jeffrey Stuart Senior VP, GC, and Secretary | Sold under a preset trading plan | 31,105 | $4.15 | $129,086 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 9 Mar 2026, plus the 10-Q filed 14 Aug 2026 and 9 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.