MacroGenics, Inc. (NASDAQ:MGNX) Just Reported, And Analysts Assigned A US$7.50 Price Target
MacroGenics, Inc. (NASDAQ:MGNX) Just Reported, And Analysts Assigned A US$7.50 Price Target
As you might know, MacroGenics, Inc. (NASDAQ:MGNX) last week released its latest second-quarter, and things did not turn out so great for shareholders. It was not a great statutory result, with revenues coming in 48% lower than the analysts predicted. Unsurprisingly, earnings also fell seriously short of forecasts, turning into a per-share loss of US$0.89. Following the result, the analysts have updated their earnings model, and it would be good to know whether they think there's been a strong change in the company's prospects, or if it's business as usual. We've gathered the most recent statutory forecasts to see whether the analysts have changed their earnings models, following these results.
正如您所知,MacroGenics, Inc. (NASDAQ:MGNX) 上週發佈了最新的第二季度業績,對股東而言結果並不那麼好。營業收入比分析師預計的低了48%,這是一個不好的統計結果。毫不奇怪,收益也遠遠低於預測值,變成了每股虧損0.89美元。根據該發表的結果,分析師已經更新了他們的盈利模型,因此知道他們是否認爲該公司的前景發生了重大變化或者是否一切如常是很好的,我們收集了最近的預測數據,看看分析師在這些結果後是否改變了盈利模式。
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Taking into account the latest results, the most recent consensus for MacroGenics from ten analysts is for revenues of US$128.6m in 2024. If met, it would imply a substantial 214% increase on its revenue over the past 12 months. Per-share losses are predicted to creep up to US$2.37. Before this latest report, the consensus had been expecting revenues of US$117.3m and US$2.00 per share in losses. While this year's revenue estimates increased, there was also a noticeable increase in loss per share expectations, suggesting the consensus has a bit of a mixed view on the stock.
考慮到最新的結果,10位分析師對MacroGenics的最新共識預期爲:2024年營業收入爲1.286億美元。如果達到,將意味着在過去12個月內營業收入大幅增長了214%。每股損失預計將攀升至2.37美元,而在這一最新報告之前,市場共識爲營業收入爲1.173億美元,每股損失爲2.00美元。儘管今年的營業收入預估增加了,但預計每股虧損也在增加,這表明市場對股票的看法有點褒貶不一。
It will come as no surprise that expanding losses caused the consensus price target to fall 6.3% to US$7.50with the analysts implicitly ranking ongoing losses as a greater concern than growing revenues. The consensus price target is just an average of individual analyst targets, so - it could be handy to see how wide the range of underlying estimates is. Currently, the most bullish analyst values MacroGenics at US$16.00 per share, while the most bearish prices it at US$4.00. As you can see the range of estimates is wide, with the lowest valuation coming in at less than half the most bullish estimate, suggesting there are some strongly diverging views on how analysts think this business will perform. With this in mind, we wouldn't rely too heavily the consensus price target, as it is just an average and analysts clearly have some deeply divergent views on the business.
擴大損失必然導致共識價值目標下降6.3%,降至7.50美元,分析師隱式地認爲持續虧損比營收增長更值得關注。共識價值目標僅是分析師個別預期的平均值,因此了解潛在估值範圍的大小可能是有益的。目前,最看好股票的分析師將其價值定爲16美元/股,而最看淡的則只給了4美元/股。從這些估值範圍可以看出,這些分析師看待這家公司的未來表現存在強烈的分歧。因此,我們不會過分依賴共識價值目標,因爲總的來說,分析師對業務的看法是存在較大分歧的。
Taking a look at the bigger picture now, one of the ways we can understand these forecasts is to see how they compare to both past performance and industry growth estimates. It's clear from the latest estimates that MacroGenics' rate of growth is expected to accelerate meaningfully, with the forecast 9x annualised revenue growth to the end of 2024 noticeably faster than its historical growth of 5.5% p.a. over the past five years. Compare this with other companies in the same industry, which are forecast to grow their revenue 23% annually. It seems obvious that, while the growth outlook is brighter than the recent past, the analysts also expect MacroGenics to grow faster than the wider industry.
從更廣闊的角度來看,我們可以通過比較這些預測與過去的業績和行業增長預測來了解這些預測的情況。最新預測清楚地顯示,MacroGenics的增長速度有望顯著加速,預計到2024年底的年化營業收入增長率是9倍,明顯快於過去五年的5.5%年複合增長。將這一數據與同行業其他公司預計的23%年度營業收入增長相比較,可以得出MacroGenics的增長前景明顯較好。
The Bottom Line
最重要的事情是分析師增加了它對下一年每股虧損的估計。令人欣慰的是,營收預測未發生重大變化,業務仍有望比整個行業增長更快。共識價格目標穩定在28.50美元,最新估計不足以對價格目標產生影響。
The most important thing to take away is that the analysts increased their loss per share estimates for next year. Pleasantly, they also upgraded their revenue estimates, and their forecasts suggest the business is expected to grow faster than the wider industry. Furthermore, the analysts also cut their price targets, suggesting that the latest news has led to greater pessimism about the intrinsic value of the business.
最重要的是,分析師增加了公司明年每股虧損的預期。令人欣慰的是,他們也提高了營收預期,並且他們的預測表明,公司預計將比行業整體增長速度更快。此外,分析師還下調了其價值目標,這意味着最新消息使市場對公司內在價值更加悲觀。
With that said, the long-term trajectory of the company's earnings is a lot more important than next year. We have estimates - from multiple MacroGenics analysts - going out to 2026, and you can see them free on our platform here.
長期來看,公司盈利的長期趨勢比明年更加重要。我們從多位MacroGenics的分析師那裏得到了到2026年的預估,您可以在我們的平台上免費查詢。
That said, it's still necessary to consider the ever-present spectre of investment risk. We've identified 4 warning signs with MacroGenics (at least 3 which shouldn't be ignored) , and understanding these should be part of your investment process.
當然,需要考慮到投資風險的影響。我們已經確認了MacroGenics存在4個警報信號(至少有3個不應忽視),了解這些信號應該是您投資過程的一部分。
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這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。