Macrogenics Inc Dossier
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SectorHealth Care IndustryBiotechnology Beta (adjusted)1.13 Intrinsic Value $5.80median of 2 methodsbased on filings through 30 Jun 2026 Market Price $3.60Price as of 1 Oct 2026 Significantly undervaluedIntrinsic value is 61% above the market price −50% · IV below pricenear fair value ±15%IV above price · +50% marker beyond scale (+61%) Data confidence Sign in to view data confidence Market Cap $229.3M Enterprise Value $115.4M Shares Outstanding 63.6M diluted Next Earnings Date12 Nov 2026 All prices and values are periodic snapshots, not live quotes. Source dates are shown for reference. ThesisStreet consensus, scenarios, merits, risks, and invalidation triggers Thesis Summary MacroGenics is undergoing a major corporate and pipeline transformation. Following the discontinuation of its lead B7-H3 ADC candidate, vobramitamab duocarmazine (vobra duo), due to safety concerns and underwhelming Phase 2 TAMARACK data, the company has pivoted to its next-generation topoisomerase I inhibitor-based ADC pipeline (MGC026, MGC028, and MGC030). To fund this transition and extend its cash runway through 2028, MacroGenics has executed strategic non-dilutive capital transactions, including the sale of its GMP manufacturing operations to Bora Pharmaceuticals for $122.5 million and an expanded ZYNYZ royalty monetization with Sagard Healthcare Partners for $60 million. While these moves significantly de-risk the balance sheet, the clinical pipeline is early-stage, making the stock a Hold pending initial clinical readouts in late 2026. This section is the 12-month view: analyst targets and the probability-weighted scenarios built from them. The intrinsic value at the top of this page answers a different question: what the business is worth today. Street view · analyst 12-month targets Low · most bearish analyst$4.00 Mean target$6.75 High · most bullish analyst$9.00 Our research · scenarios, merits, risks, and invalidation triggersResearch as of 19 Jun 2026 Scenarios · 12-month scenario targets Bear CaseDownside scenario $2.0015% The bear case is triggered if the next-generation ADC platform fails to show clinical differentiation. If MGC026 or MGC028 exhibits unexpected systemic toxicities, or if the FDA reimposes clinical holds on the LINNET study due to further safety events, the pipeline's viability will be severely compromised. Additionally, any delays in closing the Bora manufacturing divestiture would shorten the cash runway, forcing the company to seek dilutive financing in a weak market. Base CaseCentral scenario $5.5060% The base case assumes a steady transition to a fully outsourced manufacturing model following the closing of the Bora divestiture in Q3 2026. Initial Phase 1 readouts for MGC026 in mid-2026 and MGC028 in H2 2026 are expected to show acceptable safety and early signs of efficacy, keeping the programs on track but requiring further dose-expansion cohorts to establish clear differentiation. Lorigerlimab's development in clear cell gynecologic cancer (CCGC) continues slowly under the revised safety protocol, while the ovarian cancer cohort remains discontinued. Valuation remains anchored near current levels as the market awaits mature clinical data. Bull CaseUpside scenario $9.0025% The bull case relies on the successful clinical validation of the Synaffix-partnered glycan-linked topoisomerase I inhibitor platform. If MGC026 (B7-H3 ADC) and MGC028 (ADAM9 ADC) demonstrate robust anti-tumor activity with superior safety profiles (specifically avoiding the severe toxicities and ILD that plagued vobra duo), MacroGenics could quickly re-establish itself as a premier ADC innovator. Furthermore, rapid resolution of the LINNET trial's safety protocols and positive gynecological cancer data for lorigerlimab would provide a secondary valuation driver, supported by a robust cash runway extending through 2028. Scenarios are anchored to street consensus at the research date, with our probabilities and rationale. Key Investment Merits
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Thesis Invalidation Triggers
All scenarios are estimates and subject to change. Past performance is not indicative of future results. Quality Pillars MembersThis section is available to registered members. Create a free account or sign in to unlock the full breakdown. Explore this dossierValuationIntrinsic value, the six-method breakdown, peer medians, and your assumptions sandbox.Financial SnapshotRevenue, profitability, returns, balance sheet, dividends, and the filing-level detail.Qualitative AnalysisBusiness overview, strategic initiatives, and mergers, acquisitions & partnerships.Outlook & Key DatesForward estimates, reporting calendar, and the monitoring framework. |