MacroGenics (NASDAQ:MGNX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Tuesday.
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. “
Other research analysts have also issued research reports about the company. Cowen reaffirmed a “buy” rating on shares of MacroGenics in a research report on Wednesday, January 24th. SunTrust Banks reaffirmed a “buy” rating and set a $31.00 price target on shares of MacroGenics in a research report on Tuesday, January 23rd. BTIG Research reaffirmed a “buy” rating and set a $28.00 price target on shares of MacroGenics in a research report on Tuesday, January 23rd. Raymond James Financial reaffirmed a “buy” rating on shares of MacroGenics in a research report on Monday, December 11th. Finally, Citigroup boosted their price target on MacroGenics from $18.00 to $22.00 and gave the stock a “neutral” rating in a research report on Friday, November 10th. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and nine have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $30.60.
MacroGenics (NASDAQ:MGNX) last posted its quarterly earnings results on Wednesday, November 8th. The biopharmaceutical company reported ($1.28) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.09) by ($0.19). The company had revenue of $1.70 million for the quarter, compared to analyst estimates of $5.50 million. MacroGenics had a negative return on equity of 69.31% and a negative net margin of 1,526.55%. The firm’s revenue for the quarter was down 48.5% compared to the same quarter last year. During the same period last year, the firm earned ($0.97) EPS. analysts anticipate that MacroGenics will post -0.7 EPS for the current year.
In related news, SVP Eric Blasius Risser sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $22.50, for a total transaction of $67,500.00. Following the transaction, the senior vice president now directly owns 12,100 shares of the company’s stock, valued at approximately $272,250. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Jon Marc Wigginton sold 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 17th. The stock was sold at an average price of $20.00, for a total value of $100,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 13,000 shares of company stock worth $267,500 over the last three months. 8.30% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Schwab Charles Investment Management Inc. boosted its stake in MacroGenics by 3.6% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 175,106 shares of the biopharmaceutical company’s stock valued at $3,328,000 after purchasing an additional 6,118 shares during the period. Private Capital Advisors Inc. bought a new stake in MacroGenics in the 4th quarter valued at $332,000. Point72 Asset Management L.P. boosted its stake in MacroGenics by 8.9% in the 3rd quarter. Point72 Asset Management L.P. now owns 1,181,317 shares of the biopharmaceutical company’s stock valued at $21,831,000 after purchasing an additional 96,900 shares during the period. Cornerstone Capital Management Holdings LLC. boosted its stake in MacroGenics by 43.9% in the 3rd quarter. Cornerstone Capital Management Holdings LLC. now owns 33,438 shares of the biopharmaceutical company’s stock valued at $617,000 after purchasing an additional 10,200 shares during the period. Finally, Granite Point Capital Management L.P. bought a new stake in MacroGenics in the 3rd quarter valued at $756,000. Institutional investors and hedge funds own 85.53% of the company’s stock.
COPYRIGHT VIOLATION NOTICE: “MacroGenics (MGNX) Lowered to “Sell” at Zacks Investment Research” was first posted by American Banking News and is owned by of American Banking News. If you are reading this story on another domain, it was illegally stolen and reposted in violation of United States & international copyright & trademark legislation. The original version of this story can be read at https://www.americanbankingnews.com/2018/02/06/macrogenics-mgnx-lowered-to-sell-at-zacks-investment-research-2.html.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for MacroGenics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for MacroGenics and related companies with MarketBeat.com's FREE daily email newsletter.