MacroGenics is a biopharmaceutical company that focuses on the discovery, development, and commercialization of innovative antibody-based therapeutics for the treatment of cancer and autoimmune diseases. The company utilizes its proprietary technology platforms to create novel antibody-based drugs that target specific disease pathways, aiming to provide patients with more effective and personalized treatment options.

From a technical analysis perspective, the stock of MacroGenics (MGNX) is currently trying to absorb supply at a resistance level. A resistance level is a price level at which selling pressure tends to outweigh buying pressure, causing the stock's upward momentum to stall or reverse.

The stock's attempt to absorb supply at the resistance level suggests that buyers are stepping in to absorb the selling pressure and potentially push the stock higher. Traders and investors should closely monitor the price action, volume, and key technical indicators to assess the stock's strength and potential for a breakout or reversal.

It is important to exercise caution when trading near resistance levels, as the stock may experience increased volatility or potential pullbacks. Waiting for confirmation of a breakout or observing the stock's behavior around the resistance level can help traders make more informed decisions.