MacroGenics, Inc. (NASDAQ:MGNX) Sees Large Increase in Short Interest

MacroGenics, Inc. (NASDAQ:MGNX) saw a large growth in short interest in the month of May. As of May 15th, there was short interest totaling 4,877,009 shares, a growth of 66.4% from the April 30th total of 2,930,168 shares. Currently, 8.9% of the shares of the company are short sold. Based on an average daily trading volume, of 1,961,021 shares, the days-to-cover ratio is presently 2.5 days.

MacroGenics Price Performance

NASDAQ MGNX opened at $4.25 on Friday. The business has a 50 day moving average price of $3.56 and a 200 day moving average price of $2.44. The company has a market capitalization of $270.13 million, a P/E ratio of -3.86 and a beta of 1.18. MacroGenics has a 1-year low of $1.18 and a 1-year high of $4.64.

MacroGenics (NASDAQ:MGNX) last posted its earnings results on Wednesday, May 13th. The biopharmaceutical company reported ($0.58) EPS for the quarter, missing analysts’ consensus estimates of ($0.57) by ($0.01). MacroGenics had a negative return on equity of 147.80% and a negative net margin of 44.79%.The firm had revenue of $20.78 million for the quarter, compared to analysts’ expectations of $15.24 million. On average, research analysts expect that MacroGenics will post -1.76 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

MGNX has been the subject of several recent analyst reports. Citigroup restated a “market perform” rating on shares of MacroGenics in a research note on Tuesday, February 24th. B. Riley Financial raised shares of MacroGenics from a “neutral” rating to a “buy” rating and increased their price target for the stock from $3.00 to $9.00 in a report on Friday, April 10th. Barclays raised their price objective on shares of MacroGenics from $4.00 to $6.00 and gave the company an “overweight” rating in a research report on Monday, April 20th. Wall Street Zen upgraded MacroGenics from a “sell” rating to a “hold” rating in a research report on Saturday, March 14th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of MacroGenics in a research note on Friday, May 8th. Three equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $5.50.

Institutional Investors Weigh In On MacroGenics

A number of large investors have recently added to or reduced their stakes in MGNX. Seven Fleet Capital Management LP acquired a new position in MacroGenics during the first quarter worth about $39,000. Bank of America Corp DE grew its position in shares of MacroGenics by 30.7% in the first quarter. Bank of America Corp DE now owns 2,401,814 shares of the biopharmaceutical company’s stock valued at $6,941,000 after purchasing an additional 564,094 shares during the last quarter. ADAR1 Capital Management LLC purchased a new position in shares of MacroGenics during the 1st quarter worth approximately $116,000. OMERS ADMINISTRATION Corp purchased a new position in shares of MacroGenics during the 1st quarter worth approximately $144,000. Finally, Affinity Asset Advisors LLC raised its position in shares of MacroGenics by 3.2% during the 1st quarter. Affinity Asset Advisors LLC now owns 500,000 shares of the biopharmaceutical company’s stock worth $1,445,000 after purchasing an additional 15,692 shares during the last quarter. 96.89% of the stock is owned by institutional investors and hedge funds.

MacroGenics Company Profile

MacroGenics, Inc is a clinical-stage biopharmaceutical company focused on the discovery and development of monoclonal antibody–based therapeutics for the treatment of cancer and autoimmune diseases. The company leverages proprietary Fc engineering technologies to enhance immune engagement and extend the activity of its antibodies. Since its founding in 2000, MacroGenics has advanced several product candidates through clinical trials, most notably margetuximab, a HER2-targeted antibody designed to improve outcomes in patients with HER2-positive breast cancer.

Central to MacroGenics’ research platform are its ADAPTIR and Trident bispecific antibody technologies.