MacroGenics (NASDAQ:MGNX) Upgraded by Wall Street Zen to “Hold” Rating

MacroGenics (NASDAQ:MGNX) was upgraded by equities research analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research note issued to investors on Saturday.

A number of other brokerages also recently commented on MGNX. HC Wainwright reduced their target price on shares of MacroGenics from $4.00 to $2.00 and set a “neutral” rating for the company in a report on Tuesday, March 25th. B. Riley reduced their target price on shares of MacroGenics from $5.00 to $3.00 and set a “neutral” rating for the company in a report on Tuesday, May 20th. Barclays reiterated an “overweight” rating and issued a $3.00 target price (down from $8.00) on shares of MacroGenics in a report on Wednesday, May 14th. Finally, Stifel Nicolaus reduced their target price on shares of MacroGenics from $6.00 to $5.00 and set a “hold” rating for the company in a report on Wednesday, May 14th. Eight investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, MacroGenics has an average rating of “Hold” and an average target price of $5.71.

MacroGenics Price Performance

NASDAQ:MGNX opened at $1.78 on Friday. The firm has a market cap of $112.30 million, a PE ratio of -1.13 and a beta of 1.65. The company has a 50-day moving average of $1.45 and a 200 day moving average of $2.37. MacroGenics has a 1-year low of $0.99 and a 1-year high of $5.77.

MacroGenics (NASDAQ:MGNX) last announced its earnings results on Tuesday, May 13th. The biopharmaceutical company reported ($0.65) EPS for the quarter, missing analysts’ consensus estimates of ($0.61) by ($0.04). The firm had revenue of $13.19 million during the quarter, compared to the consensus estimate of $9.59 million. MacroGenics had a negative return on equity of 89.42% and a negative net margin of 69.07%. Sell-side analysts anticipate that MacroGenics will post -1.06 EPS for the current fiscal year.

Hedge Funds Weigh In On MacroGenics

Several hedge funds have recently modified their holdings of MGNX. Acadian Asset Management LLC boosted its position in MacroGenics by 78.8% in the first quarter. Acadian Asset Management LLC now owns 2,308,649 shares of the biopharmaceutical company’s stock valued at $2,923,000 after buying an additional 1,017,726 shares during the last quarter. Wasatch Advisors LP boosted its position in MacroGenics by 37.6% in the fourth quarter. Wasatch Advisors LP now owns 3,488,493 shares of the biopharmaceutical company’s stock valued at $11,338,000 after buying an additional 952,691 shares during the last quarter. Schonfeld Strategic Advisors LLC purchased a new stake in MacroGenics in the fourth quarter valued at approximately $2,787,000. JPMorgan Chase & Co. boosted its position in MacroGenics by 68.3% in the fourth quarter. JPMorgan Chase & Co. now owns 546,807 shares of the biopharmaceutical company’s stock valued at $1,777,000 after buying an additional 221,905 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its position in MacroGenics by 69.1% in the fourth quarter. Renaissance Technologies LLC now owns 538,523 shares of the biopharmaceutical company’s stock valued at $1,750,000 after buying an additional 220,100 shares during the last quarter. Institutional investors and hedge funds own 96.89% of the company’s stock.

About MacroGenics

MacroGenics, Inc, a biopharmaceutical company, develops, manufactures, 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.