MacroGenics, Inc. (MGNX) Cut to “Sell” at Zacks Investment Research
MacroGenics, Inc. (NASDAQ:MGNX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Wednesday.
According to Zacks, “MacroGenics Inc. is a biopharmaceutical company. It is focused on discovering and developing innovative monoclonal antibody-based therapeutics. The Company has a diverse portfolio of product candidates focused in three therapeutic areas: oncology, autoimmune disorders and infectious diseases. MacroGenics Inc. is headquartered in Rockville, Maryland. “
A number of other equities research analysts also recently commented on the company. Stifel Nicolaus restated a “buy” rating and issued a $34.00 target price on shares of MacroGenics in a research report on Tuesday, September 12th. Cowen and Company reiterated a “buy” rating on shares of MacroGenics in a report on Friday, August 4th. ValuEngine cut MacroGenics from a “sell” rating to a “strong sell” rating in a report on Thursday, August 3rd. BidaskClub downgraded MacroGenics from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 12th. Finally, Morgan Stanley cut their price objective on MacroGenics from $22.00 to $21.00 and set an “equal weight” rating for the company in a research report on Monday, August 7th. Four research analysts have rated the stock with a sell rating, two have assigned a hold rating and nine have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $30.30.
MacroGenics (MGNX) opened at 18.06 on Wednesday. The company has a 50-day moving average of $17.47 and a 200 day moving average of $18.20. The stock’s market cap is $664.57 million. MacroGenics has a 1-year low of $14.36 and a 1-year high of $31.85.
MacroGenics (NASDAQ:MGNX) last issued its quarterly earnings data 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 business 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 company’s revenue was down 97.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.12 earnings per share. Analysts predict that MacroGenics will post ($4.42) EPS for the current year.
Several hedge funds have recently bought and sold shares of the stock. Interwest Venture Management Co. purchased a new position in MacroGenics during the 4th quarter valued at about $21,959,000. Wasatch Advisors Inc. lifted its position in shares of MacroGenics by 5,159.3% during the second quarter. Wasatch Advisors Inc. now owns 1,044,243 shares of the biopharmaceutical company’s stock worth $18,285,000 after purchasing an additional 1,024,388 shares in the last quarter. BB Biotech AG lifted its position in shares of MacroGenics by 179.8% during the third quarter. BB Biotech AG now owns 1,455,000 shares of the biopharmaceutical company’s stock worth $43,519,000 after purchasing an additional 935,000 shares in the last quarter. OppenheimerFunds Inc. lifted its position in shares of MacroGenics by 19.5% during the fourth quarter. OppenheimerFunds Inc. now owns 2,888,944 shares of the biopharmaceutical company’s stock worth $89,471,000 after purchasing an additional 472,320 shares in the last quarter. Finally, Baker BROS. Advisors LP acquired a new stake in shares of MacroGenics during the third quarter worth about $10,878,000. Hedge funds and other institutional investors own 84.47% of the company’s stock.
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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