MacroGenics (NASDAQ:MGNX) PT Lowered to $8.00

MacroGenics (NASDAQ:MGNX) had its price objective trimmed by JMP Securities from $16.00 to $8.00 in a research report released on Wednesday, Benzinga reports. The brokerage currently has a market outperform rating on the biopharmaceutical company’s stock.

Other research analysts also recently issued reports about the stock. Guggenheim downgraded shares of MacroGenics from a buy rating to a neutral rating in a research report on Wednesday. Barclays reduced their target price on shares of MacroGenics from $14.00 to $9.00 and set an overweight rating for the company in a research report on Monday, July 29th. B. Riley downgraded shares of MacroGenics from a buy rating to a neutral rating and cut their price objective for the stock from $18.00 to $5.00 in a report on Wednesday. TD Cowen downgraded shares of MacroGenics from a buy rating to a hold rating in a report on Friday, May 10th. Finally, BTIG Research cut their price objective on shares of MacroGenics from $24.00 to $9.00 and set a buy rating for the company in a report on Friday, May 24th. Eight research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, MacroGenics has a consensus rating of Hold and an average price target of $8.33.

MacroGenics Stock Performance

Shares of MGNX stock opened at $3.83 on Wednesday. MacroGenics has a 52-week low of $3.14 and a 52-week high of $21.88. The company has a 50-day simple moving average of $4.56 and a two-hundred day simple moving average of $11.12. The company has a market capitalization of $239.87 million, a price-to-earnings ratio of -9.82 and a beta of 2.09.

MacroGenics (NASDAQ:MGNX) last released its 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). MacroGenics had a negative net margin of 53.60% and a negative return on equity of 98.01%. The company had revenue of $9.10 million for the quarter, compared to the consensus estimate of $13.63 million. On average, sell-side analysts forecast that MacroGenics will post -2.19 EPS for the current fiscal year.

Institutional Trading of MacroGenics

Several institutional investors and hedge funds have recently made changes to their positions in the stock. ProShare Advisors LLC raised its position in shares of MacroGenics by 8.9% during the 1st quarter. ProShare Advisors LLC now owns 15,282 shares of the biopharmaceutical company’s stock valued at $225,000 after buying an additional 1,246 shares in the last quarter. Diversified Trust Co raised its position in shares of MacroGenics by 16.0% during the 1st quarter. Diversified Trust Co now owns 13,630 shares of the biopharmaceutical company’s stock valued at $201,000 after buying an additional 1,880 shares in the last quarter. EntryPoint Capital LLC purchased a new stake in shares of MacroGenics during the 1st quarter valued at $40,000. Mirae Asset Global Investments Co. Ltd. raised its position in shares of MacroGenics by 7.2% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 49,337 shares of the biopharmaceutical company’s stock valued at $475,000 after buying an additional 3,319 shares in the last quarter. Finally, CANADA LIFE ASSURANCE Co purchased a new stake in shares of MacroGenics during the 1st quarter valued at $52,000. Hedge funds and other institutional investors 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.