Wedbush Analysts Lower Earnings Estimates for MacroGenics, Inc. (MGNX)
MacroGenics, Inc. (NASDAQ:MGNX) – Equities researchers at Wedbush cut their Q3 2017 earnings per share estimates for shares of MacroGenics in a research note issued to investors on Thursday. Wedbush analyst D. Nierengarten now expects that the biopharmaceutical company will post earnings of ($0.86) per share for the quarter, down from their previous estimate of ($0.85). Wedbush also issued estimates for MacroGenics’ FY2017 earnings at ($3.96) EPS, Q1 2018 earnings at ($0.97) EPS, Q2 2018 earnings at ($0.88) EPS, Q3 2018 earnings at ($0.91) EPS, Q4 2018 earnings at ($0.93) EPS, FY2018 earnings at ($3.68) EPS, FY2019 earnings at ($4.27) EPS, FY2020 earnings at ($3.24) EPS and FY2021 earnings at $3.28 EPS.
A number of other brokerages also recently commented on MGNX. Cowen and Company reissued a “buy” rating on shares of MacroGenics in a research note on Friday. Zacks Investment Research raised shares of MacroGenics from a “sell” rating to a “hold” rating and set a $19.00 price objective for the company in a research note on Tuesday, July 18th. BidaskClub downgraded shares of MacroGenics from a “hold” rating to a “sell” rating in a research note on Monday, July 31st. ValuEngine downgraded shares of MacroGenics from a “sell” rating to a “strong sell” rating in a research note on Thursday. Finally, Morgan Stanley reduced their price objective on shares of MacroGenics from $24.00 to $22.00 and set an “equal weight” rating for the company in a research note on Monday, May 8th. Three investment analysts have rated the stock with a sell rating, three have given a hold rating and nine have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $32.40.
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Shares of MacroGenics (NASDAQ:MGNX) opened at 17.28 on Monday. The stock’s market cap is $635.87 million. MacroGenics has a 1-year low of $15.70 and a 1-year high of $33.30. The company has a 50 day moving average price of $17.76 and a 200 day moving average price of $18.87.
MacroGenics (NASDAQ:MGNX) last posted its quarterly earnings results on Wednesday, August 2nd. The biopharmaceutical company reported ($1.14) earnings per share for the quarter, missing the consensus estimate of ($1.05) by $0.09. The company had revenue of $1.70 million during the quarter, compared to analysts’ expectations of $15.82 million. MacroGenics had a negative return on equity of 56.81% and a negative net margin of 1,216.51%. The business’s quarterly revenue was down 97.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.12 EPS.
A number of institutional investors have recently added to or reduced their stakes in MGNX. OppenheimerFunds Inc. raised its position in MacroGenics by 9.4% in the first quarter. OppenheimerFunds Inc. now owns 3,323,025 shares of the biopharmaceutical company’s stock valued at $61,808,000 after buying an additional 286,018 shares in the last quarter. BB Biotech AG raised its position in MacroGenics by 17.7% in the first quarter. BB Biotech AG now owns 2,260,000 shares of the biopharmaceutical company’s stock valued at $42,036,000 after buying an additional 340,000 shares in the last quarter. Vanguard Group Inc. raised its position in MacroGenics by 3.4% in the first quarter. Vanguard Group Inc. now owns 1,352,864 shares of the biopharmaceutical company’s stock valued at $25,163,000 after buying an additional 44,680 shares in the last quarter. State Street Corp raised its position in MacroGenics by 20.0% in the first quarter. State Street Corp now owns 1,007,211 shares of the biopharmaceutical company’s stock valued at $18,732,000 after buying an additional 167,720 shares in the last quarter. Finally, Hood River Capital Management LLC raised its position in MacroGenics by 17.2% in the first quarter. Hood River Capital Management LLC now owns 563,143 shares of the biopharmaceutical company’s stock valued at $10,474,000 after buying an additional 82,691 shares in the last quarter. 82.96% of the stock is currently owned by institutional investors and hedge funds.
In other MacroGenics news, SVP Jon Marc Wigginton sold 5,000 shares of MacroGenics stock in a transaction on Monday, June 5th. The shares were 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 $700,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 8.30% of the stock is currently owned by insiders.
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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