MacroGenics (NASDAQ:MGNX) Hits New 12-Month Low on Analyst Downgrade

MacroGenics Inc (NASDAQ:MGNX)’s share price reached a new 52-week low on Wednesday after HC Wainwright lowered their price target on the stock from $39.00 to $18.00. HC Wainwright currently has a buy rating on the stock. MacroGenics traded as low as $9.60 and last traded at $9.62, with a volume of 79940 shares traded. The stock had previously closed at $11.03.

A number of other research firms have also weighed in on MGNX. ValuEngine lowered shares of MacroGenics from a “buy” rating to a “hold” rating in a research report on Monday, July 8th. BidaskClub lowered shares of MacroGenics from a “sell” rating to a “strong sell” rating in a research report on Friday, July 19th. Zacks Investment Research lowered shares of MacroGenics from a “buy” rating to a “hold” rating in a research report on Thursday, October 3rd. Leerink Swann reaffirmed an “outperform” rating and set a $18.00 price objective (down previously from $26.00) on shares of MacroGenics in a research report on Wednesday. Finally, Stifel Nicolaus cut their price objective on shares of MacroGenics from $29.00 to $25.00 and set a “buy” rating for the company in a research report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and nine have assigned a buy rating to the company’s stock. MacroGenics presently has a consensus rating of “Buy” and a consensus price target of $26.71.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Invesco Ltd. raised its position in shares of MacroGenics by 24,014.8% during the second quarter. Invesco Ltd. now owns 4,486,077 shares of the biopharmaceutical company’s stock valued at $76,128,000 after buying an additional 4,467,474 shares during the last quarter. BlackRock Inc. raised its position in shares of MacroGenics by 29.2% during the second quarter. BlackRock Inc. now owns 4,399,564 shares of the biopharmaceutical company’s stock valued at $74,662,000 after buying an additional 994,872 shares during the last quarter. Vanguard Group Inc. raised its position in shares of MacroGenics by 5.3% during the second quarter. Vanguard Group Inc. now owns 3,198,214 shares of the biopharmaceutical company’s stock valued at $54,275,000 after buying an additional 161,920 shares during the last quarter. Wasatch Advisors Inc. raised its position in shares of MacroGenics by 10.1% during the second quarter. Wasatch Advisors Inc. now owns 1,422,245 shares of the biopharmaceutical company’s stock valued at $24,135,000 after buying an additional 130,732 shares during the last quarter. Finally, Nuveen Asset Management LLC acquired a new position in shares of MacroGenics during the second quarter valued at about $13,561,000. 95.88% of the stock is owned by institutional investors and hedge funds.

The stock’s 50-day moving average price is $12.38 and its 200 day moving average price is $15.22. The firm has a market cap of $556.16 million, a price-to-earnings ratio of -2.23 and a beta of 2.34. The company has a quick ratio of 5.81, a current ratio of 5.81 and a debt-to-equity ratio of 0.08.

MacroGenics (NASDAQ:MGNX) last posted its quarterly earnings results on Wednesday, July 31st. The biopharmaceutical company reported ($0.65) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.96) by $0.31. MacroGenics had a negative net margin of 273.47% and a negative return on equity of 54.52%. The firm had revenue of $10.59 million during the quarter, compared to analyst estimates of $17.58 million. On average, research analysts predict that MacroGenics Inc will post -3.33 EPS for the current year.

About MacroGenics (NASDAQ:MGNX)

MacroGenics, Inc, a biopharmaceutical company, discovers and develops antibody-based therapeutics for the treatment of cancer in the United States. Its pipeline of immuno-oncology product candidates includes Margetuximab, a monoclonal antibody, which is in Phase III clinical trial that targets HER2-expressing tumors, such as various breast and gastroesophageal cancers.

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