Guggenheim Lowers MacroGenics (NASDAQ:MGNX) to Neutral

Guggenheim lowered shares of MacroGenics (NASDAQ:MGNX) from a buy rating to a neutral rating in a research note released on Wednesday morning, Marketbeat Ratings reports.

A number of other research firms have also recently issued reports on MGNX. B. Riley started coverage on MacroGenics in a report on Friday, April 26th. They set a buy rating and a $25.00 price target on the stock. BTIG Research decreased their price target on shares of MacroGenics from $24.00 to $9.00 and set a buy rating for the company in a research note on Friday, May 24th. HC Wainwright cut their price objective on shares of MacroGenics from $16.00 to $4.00 and set a neutral rating on the stock in a research report on Monday, May 13th. TD Cowen lowered MacroGenics from a buy rating to a hold rating in a research report on Friday, May 10th. Finally, BMO Capital Markets downgraded MacroGenics from an outperform rating to a market perform rating and dropped their price target for the stock from $24.00 to $8.00 in a research note on Friday, May 10th. Eight analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, MacroGenics has a consensus rating of Hold and a consensus price target of $8.33.

MacroGenics Stock Down 4.3 %

Shares of NASDAQ MGNX opened at $3.83 on Wednesday. The company has a market capitalization of $239.87 million, a PE ratio of -9.82 and a beta of 2.09. MacroGenics has a twelve month low of $3.14 and a twelve month high of $21.88. The firm has a fifty day simple moving average of $4.56 and a 200 day simple moving average of $11.12.

MacroGenics (NASDAQ:MGNX) last issued its quarterly earnings results on Thursday, May 9th. The biopharmaceutical company reported ($0.84) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.67) by ($0.17). The business had revenue of $9.10 million for the quarter, compared to analyst estimates of $13.63 million. MacroGenics had a negative return on equity of 98.01% and a negative net margin of 53.60%. As a group, equities analysts expect that MacroGenics will post -2.19 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of MGNX. EntryPoint Capital LLC purchased a new position in MacroGenics during the 1st quarter worth $40,000. AJOVista LLC purchased a new stake in MacroGenics in the 4th quarter valued at about $51,000. CANADA LIFE ASSURANCE Co bought a new position in shares of MacroGenics during the 1st quarter worth approximately $52,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of MacroGenics by 300.6% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,072 shares of the biopharmaceutical company’s stock worth $68,000 after buying an additional 12,060 shares during the last quarter. Finally, China Universal Asset Management Co. Ltd. boosted its stake in shares of MacroGenics by 349.2% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 7,174 shares of the biopharmaceutical company’s stock worth $69,000 after buying an additional 5,577 shares during the last quarter. Hedge funds and other institutional investors own 96.89% of the company’s stock.

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.