MacroGenics Inc (MGNX)

63.56M shares outstanding - 75.88% held by long institutions, 30.90% by insiders. Institutional count dropped 17% but total shares held rose +15.86% (+6.6M shares): fewer hands, bigger bets. Notable: Ra Capital - a deep-science biotech specialist, not a quant - initiated a new ~2M share position.

MacroGenics now looks like a completely different company than it did a year ago.
Market cap around $230M… yet pro forma cash could reach $320–350M after the Bora transaction and Sagard royalty monetization.
They just transformed the balance sheet without dilution.
The GMP manufacturing divestiture alone should significantly reduce fixed costs:
-140 employees transferring to Bora
expensive FDA biologics infrastructure removed
lower facility, QA/QC, compliance and maintenance burden
transition toward a lean outsourced manufacturing model
At the same time, they retain access to clinical manufacturing through a supply agreement with Bora, preserving pipeline development flexibility.
Importantly, they didn’t sell the pipeline or core oncology IP.
They monetized non-core infrastructure and capped royalties instead. MacroGenics may have timed this perfectly: monetizing valuable U.S. biologics manufacturing infrastructure to a foreign buyer seeking an American footprint….
Now the setup becomes very interesting:
runway extended through 2028
no immediate financing overhang
multiple ADC catalysts ahead
MGC026 initial data mid-2026
MGC028 initial data H2 2026
MGC030 IND expected Q3 2026
Meanwhile, both ADC programs continue showing anti-tumor activity with no ILD observed so far, a major point for the ADC space.
The market still seems to value MacroGenics as if the pipeline were worth little more than zero.

Bora will assume responsibility for MacroGenics’ manufacturing operations supporting clinical and commercial production.
140 MacroGenics employees are expected to be hired by Bora.
When MacroGenics articulated its strategic priorities last year, we committed to building a more focused company centered on advancing our innovative pipeline and delivering long-term shareholder value. This transaction supports that strategy by providing additional non-dilutive capital to accelerate our pipeline to key value inflection points in 2026 and beyond,
This transaction will also allow the contract development and manufacturing organization (CDMO) operation to expand under Bora’s ownership, while enabling MacroGenics to maintain access to an expanded array of development and manufacturing capabilities to support our current and future pipeline.

MC $229.77M and potentially over $320M in pro forma cash after the Bora transaction. Wall Street is pricing the pipeline at almost zero. They eat microchips on Wall Street and prescribe bytes as medicine.
I will wait…

GMP Manufacturing Sale Gives MacroGenics Additional Non-Dilutive Capital for Pipeline Development (MGNX)May 12, 2026 11:08 AM
IH Market News MacroGenics agreed to sell its GMP manufacturing operations to Bora Pharmaceuticals in a deal designed to strengthen its balance sheet and sharpen focus on its oncology pipeline. Key Investor Takeaways MacroGenics (NASDAQ:MGNX) will receive $122.5 million upfront from the sale of its GMP manufacturing business to Bora Pharmaceuticals. The transaction provides non-dilutive capital that management said will help fund pipeline development through key 2026 milestones. Bora Pharmaceuticals gains an FDA-approved biologics manufacturing facility with 11,000 liters of production capacity. MacroGenics plans to retain manufacturing access through a supply agreement tied to its internal oncology programs. The deal signals a strategic shift toward a more focused clinical-stage biotech model centered on antibody therapeutics. Why MGNX Stock Is in Focus MacroGenics (NASDAQ:MGNX) announced a definitive agreement to sell its GMP drug substance manufacturing operations to Bora Pharmaceuticals (USOTC:BORAY).Under the agreement, Bora will pay MacroGenics $122.5 million upfront before fees and expenses.The transaction includes the transfer of MacroGenics’ Rockville, Maryland headquarters site, its FDA-approved biologics manufacturing facility with 11,000 liters of capacity, and a warehouse facility in Frederick, Maryland.Approximately 140 MacroGenics employees are also expected to join Bora as part of the transition.The companies said the deal is expected to close in the third quarter of 2026, subject to customary closing conditions. Company Shifts Focus Toward Oncology Pipeline MacroGenics said the transaction aligns with strategic priorities announced last year to create a more focused organization centered on advancing its antibody-based cancer therapeutics pipeline.“This transaction supports that strategy by providing additional non-dilutive capital to accelerate our pipeline to key value inflection points in 2026 and beyond,” said Eric Risser.As part of the agreement, MacroGenics will maintain access to manufacturing support through a supply arrangement with Bora covering process development and drug substance production for its internal programs.For Bora, the acquisition expands its biologics manufacturing footprint in North America.“We view this acquisition as a key part of our strategy to expand Bora’s North American biologics operation under Bora Biologics,” said Bobby Sheng. Why This Matters for Investors The sale may reduce operational complexity for MacroGenics while strengthening its financial flexibility without issuing additional equity.For clinical-stage biotechnology companies, access to non-dilutive capital can be particularly important because it may limit shareholder dilution while funding pipeline development and upcoming clinical milestones.The transaction also suggests MacroGenics is prioritizing capital allocation toward drug development rather than maintaining internal manufacturing infrastructure.Investors may interpret the move as an effort to streamline operations around higher-value clinical and regulatory catalysts tied to the company’s oncology programs.At the same time, the long-term impact may depend on whether MacroGenics can successfully advance its therapeutic pipeline toward meaningful clinical data or partnership opportunities. What To Watch Next Investors will likely monitor the expected closing of the transaction in the third quarter of 2026 and any additional details regarding use of proceeds.Future updates tied to MacroGenics’ oncology pipeline, manufacturing transition execution, and upcoming clinical milestones could become key drivers for MGNX stock sentiment.Traders may also watch whether the company provides additional guidance around cash runway or development timelines following the completion of the sale.MacroGenics stock price Original: GMP Manufacturing Sale Gives MacroGenics Additional Non-Dilutive Capital for Pipeline Development (MGNX)

mgnx...................................p/m

With a sub-$200M market cap and ~$210–220M in cash today (including the $60M deal), even with a ~$25M quarterly burn, the financing is highly meaningful—extending runway while the market appears to assign limited value to the pipeline.

MacroGenics sells a capped Zynyz royalty for $60M, with rights reverting after a 1.7–2.0x payback, boosting cash without dilution and funding its ADC pipeline.

MacroGenics price target raised to $6 from $4 at Barclays
Ahrarara
Friends! 50,000 shares at only 3.60 — ah-ha-ra-ra-ra!
And remember: to move the market, you need blocks of 9,000… so today we’ve got special offers — 10,000 at 3.57, 9,000 at 3.56 — ah-ha-ra-ra-ra!

TL;DR:
Preclinical ADCs are being valued around ~$300M, while Phase 1–2 assets can command multi-billion valuations. MacroGenics sits in between — and is currently undergoing a re-rating.
Recent deals reinforce this: the multi-billion Gilead–Tubulis transaction and Eli Lilly’s ~$300M acquisition of preclinical CrossBridge, alongside a recent analyst upgrade, are helping reset the valuation framework for ADC players.
Additionally, the April 29 FDA decision on TZIELD could further support the story by expanding the commercial opportunity and increasing the likelihood of future sales-based milestones.

Current Price 3.77
Market Cap 239.606M

Given the recent stock move and the $9 price target, it’s worth asking: how much should MGNX be worth if it were valued in line with Tubulis or other ADC peers?

I find the new CEO’s strategic direction and the LINNET hold removal particularly interesting signals.
https://ir.macrogenics.com/static-files/c97c4ea1-0874-4096-b6bb-eff5cfd215bb

If Gilead sees something good, they'd buy it rather than pay royalties and licenses! It might still be too early, though! But they know the data before the market does!

Stifel reiterates MacroGenics stock rating with $4 price target
Barclays Raises Price Target for Macrogenics (MGNX) to $4.00
Insider Ownership 31.00 %
Institutional. 63.62%
It's unlikely they'll dilute it...
It's likely that someone, given the low price, will consider buying it... it depends on the clinical results, of course...

3👍️

Trading with a market cap around ~$200M and cash runway into late 2027,
What stands out is the partner structure. Very few biotech companies at this market cap have three big pharma partners simultaneously, each with milestone and royalty optionality.

Sanofi – TZIELD
• $50M milestones already triggered in 2025 (UK and China approvals)
• Up to $330M additional milestones tied to regulatory and commercial events

Incyte – Zynyz / retifanlimab
• FDA approval in 2025 likely triggered a ~$15M milestone
• Eligible for additional milestones and royalties as the drug expands globally

Gilead Sciences – MGD024 collaboration
• $60M upfront already paid
• Exclusive option to license during Phase 1
• Total deal value up to ~$1.7B in milestones and royalties if exercised

2026 catalysts
Regulatory
• Potential EMA decision on retifanlimab / Zynyz (licensed to Incyte)
Clinical readouts
• MGC026 Phase 1 data – expected 2026
• MGC028 Phase 1 data – expected 2026
• Lorigerlimab LINNET study data – expected 2H 2026
Pipeline
• IND filing for MGC030 ADC – 2026
Partner option catalyst
• Under the 2022 collaboration with Gilead Sciences, Gilead holds an exclusive option to license MGD024 during Phase 1.
• While study completion is expected 2026–2027, the option can be exercised earlier if safety/efficacy thresholds are met.
Milestone / royalty streams
• $50M milestone already triggered in 2025 from approvals of TZIELD (Sanofi) in the UK and China
• Up to $330M additional milestones tied to TZIELD development and sales
• Zynyz approval (May 2025) likely triggered an additional ~$15M milestone payment to MacroGenics via the Incyte partnership.

With the CHMP’s positive opinion for Zynyz in first-line advanced anal cancer, MacroGenics is approaching a potential EU regulatory milestone payment from Incyte, which would be formally triggered upon final European Commission approval.
EMA Panel Recommends Approval of Incyte's Zynyz for Advanced Anal Cancer
30/01/2026

It’s not about adding another PD-1 to an already crowded field. It’s about quietly positioning IP where the more complex, next-generation PD-1 designs are likely to end up.

MGNX. Big bottom bounce coming in

Forge Partnerships & Strengthen MacroGenics’ Financial Position * Gilead. In November 2025, Gilead licensed an additional MacroGenics preclinical program under a 2022 collaboration agreement, triggering a $25 million payment to MacroGenics. The licensed program leverages the Company's novel, proprietary platform with the goal of improving upon the safety and efficacy of traditional T-cell engagers. Under this collaboration, MacroGenics and Gilead are now advancing three programs, including MGD024, a clinical-stage CD123 × CD3 bispecific DART molecule, a preclinical TRIDENT(®) program and this latest preclinical DART program. The Company remains eligible to receive up to $1.6 billion in future milestones as well as royalties related to these three product candidates.

Sanofi. Sanofi continues to advance TZIELD(®) (teplizumab-mzwv), an antibody targeting CD3 that the Company sold in 2018 to a partner that was subsequently acquired by Sanofi S.A. (Sanofi). In August and September 2025, TZIELD was approved by the Medicines and Healthcare products Regulatory Agency (MHRA) in the United Kingdom and by the National Medical Products Administration (NMPA) in China, respectively, triggering total milestone payments of $50 million, which are expected to be received during the fourth quarter. In October 2025, Sanofi announced that TZIELD had been accepted for expedited review in the U.S. for stage 3 type 1 diabetes through the FDA Commissioner’s National Priority Voucher pilot program. MacroGenics remains eligible to receive up to $330 million in additional milestones related to TZIELD.

MC 96 mil LOL
The company ended the quarter with a net cash position of $146 million.
MacroGenics is essentially debt-free and maintains a strong net cash position, with cash extending its runway into late 2027.

PARTNERSHIP PAYMENTS - MacroGenics secured $75 mln in non-dilutive partnership payments from Sanofi and Gilead

* MacroGenics extends cash runway guidance into late 2027
* Company continues development of lorigerlimab in ovarian cancer
* MacroGenics aims to strengthen financial position through partnerships and asset monetization

MGNX....................................https://stockcharts.com/h-sc/ui?s=MGNX&p=W&b=5&g=0&id=p86431144783

MGNX, big flop

Under the October 2022 collaboration, Gilead holds the exclusive option to license MGD024, exercisable at predefined decision points during the Phase 1 dose escalation study.
While study completion is expected in 2026–2027, these future license points allow for earlier decisions, typically based on meeting safety, tolerability, or early efficacy milestones.
It’s reasonable to expect Gilead could make a license decision before study end, contingent on achieving key Phase 1 data thresholds.

On May 15, 2025, the FDA approved Zynyz for anal canal squamous cell carcinoma (in combination with chemotherapy and as monotherapy) .
This approval likely triggered a regulatory milestone, resulting in a $15?million payment to MacroGenics (confirmed via Incyte's prior disclosures).

Came on, pump it!

MC 130 m
Cash 200 m

royalties capped
cash runway now until first half of 2027.

Powerful short squeeze forming, IMO!
Buy/Sell Ratio
Buy: 1,880,472Neutral: 1,916,649Sell: 1,846,247

MacroGenics Inc. Enters Partnership with Sagard Healthcare Partners for ZYNYZ® Royalty Agreement
70 milions cash

MGNX.......................................................................................p/m

With the FDA approval of Zynyz for the treatment of Merkel cell carcinoma in March 2023, MacroGenics received a $15 million milestone payment. Subsequently, in July 2024, MacroGenics received an additional $100 million upon reaching development-related milestones for the drug. In total, MacroGenics has collected $215 million in milestone payments and remains eligible to receive up to $210 million in additional development and regulatory milestones, as well as $330 million in commercial milestones. Royalties on global sales of Zynyz range from 15% to 24%.

cash at $154.1 million as of March 31, 2025
Mar. 31 2025 -0.78 -0.65 Beat

Dec. 31 2024 -0.44 -0.25 Beat

Cash $ 202 M 31/12
https://ir.macrogenics.com/static-files/13a81fc5-05bf-457d-81b6-e5f7fe3ac290

MGNX 10 Q due MONDAY 3/3

MGNX, 10Q due Monday 2/24

Attention Macrogenics, Inc. (MGNX) Shareholders: Grabar Law Office Investigates Potential Claims on Your Behalf
MGNX | 3 days ago
Philadelphia, Pennsylvania--(Newsfile Corp. - November 7, 2024) - Grabar Law Office is actively investigating claims on behalf of MacroGenics, Inc. (NASDAQ: MGNX) shareholders. If you have continuously held MacroGenics stock since before March 7, 2024, you may be entitled to seek corporate reforms, the return of funds to the company, and potentially receive a court-approved incentive award-all at no cost to you. Visit https://grabarlaw.com/the-latest/macrogenics-shareholder-investigation/ or email jgrabar@grabarlaw.com.

MGNX new 52 week low

MGNX new 52 week low

Lucy runs

Blessings sir!