What happened
Not to jinx it, but MacroGenics (MGNX +0.47%) might just be at the start of a winning streak. For the second straight day, powered by very encouraging quarterly results, the biotech's shares saw a notable rise on Monday. The stock gained more than 8% on the day as yet another analyst weighed in with a post-earnings price target raise.
NASDAQ: MGNX
Key Data Points
So what
Monday's price target lifter was H.C. Wainwright's Debjit Chattopadhyay, who now feels MacroGenics is worth $12 per share, up from his previous $11. He maintained a buy recommendation on the stock.
That was the third price target boost across the past two trading days.
On Friday, both Stifel (SF +0.39%) and BMO Capital analysts also made similar moves. The former's Stephen Wiley also added $1, for a new estimation of $15 per share, while the less bullish Etzer Darout of BMO bumped his target up by $0.20 to $5.70. The two prognosticators kept their existing recommendations intact -- buy for Wiley and market perform (neutral, in other words) for Darout.
Now what
Those cautious yet encouraging changes came on the heels of MacroGenics' third-quarter earnings report, which was made public after market hours on Thursday.
Not only did the biotech more than double its net income on a year-over-year basis, but it also made great strides in trimming its bottom-line loss (to less than $25 million from the third quarter of 2021's almost $53 million). Both headline figures, meanwhile, trounced analyst estimates. Investors were also heartened by the biotech company's pipeline updates, which indicate that key programs are moving forward at a decent pace.
