MacroGenics (NASDAQ:MGNX) Downgraded to Neutral at Citigroup

MacroGenics (NASDAQ:MGNXGet Rating) was downgraded by analysts at Citigroup from a “buy” rating to a “neutral” rating in a research note issued on Wednesday, The Fly reports. They currently have a $7.00 target price on the biopharmaceutical company’s stock, down from their previous target price of $16.00. Citigroup’s price objective suggests a potential upside of 13.45% from the stock’s current price.

A number of other research firms also recently weighed in on MGNX. SVB Leerink decreased their target price on MacroGenics from $15.00 to $12.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 9th. Barclays decreased their price objective on MacroGenics to $8.00 in a report on Monday, August 15th. Cowen downgraded MacroGenics from an “outperform” rating to a “market perform” rating in a report on Tuesday. BMO Capital Markets raised MacroGenics from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $5.70 to $16.00 in a report on Monday, November 14th. Finally, HC Wainwright lifted their price objective on MacroGenics from $11.00 to $12.00 and gave the company a “buy” rating in a report on Monday, November 7th. Five research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $10.89.

MacroGenics Stock Performance

MacroGenics stock opened at $6.17 on Wednesday. The business’s 50-day simple moving average is $4.64 and its 200-day simple moving average is $4.02. The firm has a market capitalization of $379.27 million, a PE ratio of -1.99 and a beta of 2.06. MacroGenics has a 52 week low of $2.13 and a 52 week high of $19.73.

Insider Buying and Selling

In related news, major shareholder Target N. V. Biotech acquired 250,000 shares of the company’s stock in a transaction that occurred on Friday, October 21st. The stock was purchased at an average price of $4.63 per share, for a total transaction of $1,157,500.00. Following the transaction, the insider now directly owns 7,979,963 shares of the company’s stock, valued at approximately $36,947,228.69. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, major shareholder Target N. V. Biotech bought 168,422 shares of MacroGenics stock in a transaction that occurred on Wednesday, October 19th. The stock was purchased at an average cost of $3.70 per share, with a total value of $623,161.40. Following the purchase, the insider now owns 7,443,986 shares in the company, valued at $27,542,748.20. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Target N. V. Biotech acquired 250,000 shares of MacroGenics stock in a transaction dated Friday, October 21st. The shares were acquired at an average price of $4.63 per share, with a total value of $1,157,500.00. Following the completion of the purchase, the insider now owns 7,979,963 shares in the company, valued at $36,947,228.69. The disclosure for this purchase can be found here. Insiders purchased 668,422 shares of company stock worth $2,870,661 in the last quarter. Insiders own 7.90% of the company’s stock.

Hedge Funds Weigh In On MacroGenics

A number of large investors have recently modified their holdings of MGNX. Denali Advisors LLC bought a new stake in shares of MacroGenics in the 3rd quarter valued at about $25,000. Nisa Investment Advisors LLC raised its holdings in shares of MacroGenics by 692.3% in the 3rd quarter. Nisa Investment Advisors LLC now owns 5,150 shares of the biopharmaceutical company’s stock valued at $26,000 after purchasing an additional 4,500 shares during the period. Chicago Partners Investment Group LLC bought a new stake in shares of MacroGenics in the 2nd quarter valued at about $32,000. Diversified Trust Co bought a new stake in shares of MacroGenics in the 2nd quarter valued at about $37,000. Finally, Mackenzie Financial Corp bought a new stake in shares of MacroGenics in the 2nd quarter valued at about $37,000.

MacroGenics Company Profile

(Get Rating)

MacroGenics, Inc, a biopharmaceutical company, develops and commercializes antibody-based therapeutics to treat cancer in the United States. Its approved product is MARGENZA (margetuximab-cmkb), a human epidermal growth factor receptor 2 (HER2) receptor antagonist indicated, in combination with chemotherapy, for the treatment of adult patients with metastatic HER2-positive breast cancer who have received two or more prior anti-HER2 regimens.

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