MacroGenics (NASDAQ:MGNX) Rating Lowered to Neutral at BTIG Research

MacroGenics (NASDAQ:MGNX) was downgraded by analysts at BTIG Research from a “buy” rating to a “neutral” rating in a note issued to investors on Thursday, Briefing.com reports.

MGNX has been the subject of several other reports. BMO Capital Markets cut MacroGenics from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $24.00 to $8.00 in a research report on Friday, May 10th. Guggenheim cut MacroGenics from a “buy” rating to a “neutral” rating in a research report on Wednesday. HC Wainwright reduced their price objective on MacroGenics from $16.00 to $4.00 and set a “neutral” rating for the company in a research report on Monday, May 13th. Barclays reduced their price objective on MacroGenics from $14.00 to $9.00 and set an “overweight” rating for the company in a research report on Monday. Finally, Stifel Nicolaus cut MacroGenics from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $29.00 to $7.00 in a research report on Friday, May 10th. Eight analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, MacroGenics has a consensus rating of “Hold” and an average price target of $8.33.

MacroGenics Price Performance

Shares of MacroGenics stock opened at $3.76 on Thursday. MacroGenics has a 1 year low of $3.14 and a 1 year high of $21.88. The business has a 50-day moving average of $4.60 and a two-hundred day moving average of $11.27. The company has a market capitalization of $235.49 million, a P/E ratio of -9.64 and a beta of 2.08.

MacroGenics (NASDAQ:MGNX) last announced its quarterly earnings results on Thursday, May 9th. The biopharmaceutical company reported ($0.84) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.67) by ($0.17). MacroGenics had a negative return on equity of 98.01% and a negative net margin of 53.60%. The business had revenue of $9.10 million during the quarter, compared to the consensus estimate of $13.63 million. On average, equities analysts anticipate that MacroGenics will post -3.04 EPS for the current fiscal year.

Institutional Trading of MacroGenics

Hedge funds have recently made changes to their positions in the business. Perceptive Advisors LLC acquired a new stake in shares of MacroGenics in the fourth quarter valued at approximately $5,887,000. Jump Financial LLC acquired a new stake in shares of MacroGenics in the fourth quarter valued at approximately $135,000. BNP Paribas Financial Markets lifted its position in shares of MacroGenics by 144.5% in the fourth quarter. BNP Paribas Financial Markets now owns 42,109 shares of the biopharmaceutical company’s stock valued at $405,000 after buying an additional 24,883 shares during the last quarter. Frazier Life Sciences Management L.P. lifted its position in shares of MacroGenics by 33.2% in the fourth quarter. Frazier Life Sciences Management L.P. now owns 2,401,704 shares of the biopharmaceutical company’s stock valued at $23,104,000 after buying an additional 598,500 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of MacroGenics by 1.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 833,500 shares of the biopharmaceutical company’s stock valued at $8,018,000 after buying an additional 8,111 shares during the last quarter. 96.89% of the stock is owned by institutional investors and hedge funds.

MacroGenics Company Profile

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.