MacroGenics, Inc. (NASDAQ:MGNX) Price Target Cut to $21.00 by Analysts at Morgan Stanley
MacroGenics, Inc. (NASDAQ:MGNX) had its price objective reduced by equities researchers at Morgan Stanley from $22.00 to $21.00 in a report released on Monday. The firm currently has an “equal weight” rating on the biopharmaceutical company’s stock. Morgan Stanley’s price target suggests a potential upside of 21.53% from the company’s previous close.
Other equities research analysts have also recently issued research reports about the company. Cowen and Company reiterated a “buy” rating on shares of MacroGenics in a research note on Friday. Zacks Investment Research cut MacroGenics from a “buy” rating to a “hold” rating in a research note on Thursday. BidaskClub cut MacroGenics from a “hold” rating to a “sell” rating in a research note on Monday, July 31st. Finally, ValuEngine cut MacroGenics from a “sell” rating to a “strong sell” rating in a research note on Thursday. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $32.30.
Shares of MacroGenics (NASDAQ MGNX) traded down 0.23% during trading on Monday, reaching $17.24. The company’s stock had a trading volume of 203,160 shares. MacroGenics has a 52 week low of $15.70 and a 52 week high of $33.30. The stock’s 50 day moving average price is $17.76 and its 200 day moving average price is $18.87. The company’s market cap is $634.40 million.
MacroGenics (NASDAQ:MGNX) last announced its quarterly earnings data on Wednesday, August 2nd. The biopharmaceutical company reported ($1.14) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.05) by $0.09. MacroGenics had a negative return on equity of 56.81% and a negative net margin of 1,216.51%. The company had revenue of $1.70 million for the quarter, compared to the consensus estimate of $15.82 million. During the same quarter in the prior year, the company earned $1.12 EPS. The company’s revenue for the quarter was down 97.9% on a year-over-year basis. Equities research analysts predict that MacroGenics will post ($4.21) EPS for the current year.
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In other MacroGenics news, SVP Jon Marc Wigginton sold 5,000 shares of the company’s stock in a transaction on Monday, June 5th. The stock was sold at an average price of $20.00, for a total value of $100,000.00. Following the transaction, the senior vice president now directly owns 35,000 shares of the company’s stock, valued at approximately $700,000. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 8.30% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of MGNX. Airain ltd purchased a new position in shares of MacroGenics during the first quarter worth approximately $470,000. Wells Fargo & Company MN raised its position in shares of MacroGenics by 100.8% in the first quarter. Wells Fargo & Company MN now owns 48,200 shares of the biopharmaceutical company’s stock worth $896,000 after buying an additional 24,198 shares in the last quarter. American International Group Inc. raised its position in shares of MacroGenics by 7.1% in the first quarter. American International Group Inc. now owns 19,632 shares of the biopharmaceutical company’s stock worth $365,000 after buying an additional 1,300 shares in the last quarter. Marshall Wace North America L.P. purchased a new position in shares of MacroGenics during the first quarter worth approximately $4,514,000. Finally, BB Biotech AG raised its position in shares of MacroGenics by 17.7% in the first quarter. BB Biotech AG now owns 2,260,000 shares of the biopharmaceutical company’s stock worth $42,036,000 after buying an additional 340,000 shares in the last quarter. 82.34% of the stock is currently owned by hedge funds and other institutional investors.
MacroGenics, Inc is a clinical-stage biopharmaceutical company focused on discovering and developing monoclonal antibody-based therapeutics for the treatment of cancer, as well as various autoimmune disorders and infectious diseases. The Company develops therapeutic product candidates using its antibody-based technology platforms and also in collaboration with other biopharmaceutical companies.
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