MacroGenics, Inc. (NASDAQ:MGNX) had its target price dropped by research analysts at Morgan Stanley from $22.00 to $21.00 in a research note issued on Monday, August 7th. The firm presently has an “equal weight” rating on the biopharmaceutical company’s stock. Morgan Stanley’s price objective suggests a potential upside of 28.13% from the stock’s current price.
A number of other brokerages also recently issued reports on MGNX. Zacks Investment Research downgraded MacroGenics from a “hold” rating to a “sell” rating in a report on Wednesday, May 3rd. Cowen and Company restated a “buy” rating on shares of MacroGenics in a report on Friday, August 4th. ValuEngine downgraded MacroGenics from a “sell” rating to a “strong sell” rating in a report on Thursday, August 3rd. Finally, BidaskClub cut MacroGenics from a “hold” rating to a “sell” rating in a research report on Monday, July 31st. Three investment analysts have rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $32.30.
MacroGenics (MGNX) traded down 3.17% during mid-day trading on Monday, hitting $15.87. 267,689 shares of the stock were exchanged. MacroGenics has a 52 week low of $14.36 and a 52 week high of $32.68. The company has a 50 day moving average price of $17.21 and a 200 day moving average price of $18.68. The stock’s market cap is $583.98 million.
MacroGenics (NASDAQ:MGNX) last released its quarterly earnings data on Wednesday, August 2nd. The biopharmaceutical company reported ($1.14) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.05) by $0.09. MacroGenics had a negative return on equity of 56.81% and a negative net margin of 1,216.51%. The company had revenue of $1.70 million during the quarter, compared to analysts’ expectations of $15.82 million. During the same quarter in the prior year, the firm posted $1.12 EPS. The firm’s quarterly revenue was down 97.9% on a year-over-year basis. Analysts expect that MacroGenics will post ($4.36) EPS for the current fiscal year.
In other news, SVP Jon Marc Wigginton sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, June 5th. The stock was sold at an average price of $20.00, for a total value of $100,000.00. Following the sale, the senior vice president now directly owns 35,000 shares of the company’s stock, valued at approximately $700,000. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 8.30% of the company’s stock.
Several hedge funds have recently modified their holdings of MGNX. Airain ltd bought a new stake in shares of MacroGenics during the first quarter worth approximately $470,000. American International Group Inc. boosted its position in MacroGenics by 7.1% in the first quarter. American International Group Inc. now owns 19,632 shares of the biopharmaceutical company’s stock valued at $365,000 after buying an additional 1,300 shares during the period. Wells Fargo & Company MN boosted its position in MacroGenics by 100.8% in the first quarter. Wells Fargo & Company MN now owns 48,200 shares of the biopharmaceutical company’s stock valued at $896,000 after buying an additional 24,198 shares during the period. Marshall Wace North America L.P. acquired a new position in MacroGenics during the first quarter valued at about $4,514,000. Finally, BB Biotech AG boosted its position in MacroGenics by 17.7% in the first quarter. BB Biotech AG now owns 2,260,000 shares of the biopharmaceutical company’s stock valued at $42,036,000 after buying an additional 340,000 shares during the period. 77.98% of the stock is currently owned by hedge funds and other institutional investors.
About MacroGenics
MacroGenics, Inc is a clinical-stage biopharmaceutical company focused on discovering and developing monoclonal antibody-based therapeutics for the treatment of cancer, as well as various autoimmune disorders and infectious diseases. The Company develops therapeutic product candidates using its antibody-based technology platforms and also in collaboration with other biopharmaceutical companies.
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