Cowen Reaffirms Buy Rating for Magenta Therapeutics (NASDAQ:MGTA)

Cowen reiterated their buy rating on shares of Magenta Therapeutics (NASDAQ:MGTA) in a research report released on Wednesday, AnalystRatings.com reports.

Several other equities analysts have also issued reports on the company. ValuEngine lowered Magenta Therapeutics from a buy rating to a hold rating in a research report on Friday, September 20th. Zacks Investment Research cut Magenta Therapeutics from a buy rating to a hold rating in a research note on Tuesday, October 15th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The company has an average rating of Buy and an average price target of $16.33.

Shares of MGTA opened at $10.44 on Wednesday. The stock has a 50 day simple moving average of $10.17 and a 200 day simple moving average of $12.74. Magenta Therapeutics has a 52-week low of $5.31 and a 52-week high of $21.00. The firm has a market capitalization of $440.59 million, a PE ratio of -3.34 and a beta of 3.12.

Magenta Therapeutics (NASDAQ:MGTA) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.48) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.49) by $0.01. As a group, research analysts anticipate that Magenta Therapeutics will post -2.01 EPS for the current fiscal year.

In other Magenta Therapeutics news, insider Michael P. Cooke sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $11.18, for a total value of $55,900.00. Insiders sold a total of 16,656 shares of company stock worth $176,372 in the last 90 days. Company insiders own 10.90% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. lifted its stake in Magenta Therapeutics by 52.8% in the 2nd quarter. JPMorgan Chase & Co. now owns 5,349 shares of the company’s stock valued at $79,000 after acquiring an additional 1,848 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Magenta Therapeutics by 23.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 52,912 shares of the company’s stock valued at $781,000 after acquiring an additional 9,980 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Magenta Therapeutics by 35.0% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 43,202 shares of the company’s stock valued at $638,000 after acquiring an additional 11,205 shares in the last quarter. OneAscent Financial Services LLC bought a new stake in Magenta Therapeutics in the 2nd quarter valued at approximately $166,000. Finally, Platinum Investment Management Ltd. raised its stake in shares of Magenta Therapeutics by 7.7% during the 2nd quarter. Platinum Investment Management Ltd. now owns 226,558 shares of the company’s stock worth $3,342,000 after purchasing an additional 16,209 shares in the last quarter. Hedge funds and other institutional investors own 63.83% of the company’s stock.

About Magenta Therapeutics

Magenta Therapeutics, Inc, a clinical-stage biotechnology company, develops novel medicines to extend the curative power of stem cell transplant, gene therapy, genome editing, and cell therapy to patients. It is developing C100, C200, and C300 targeted antibody-drug conjugates for transplant conditioning; MGTA-145, a novel stem cell mobilization product candidate to control stem cell mobilization; MGTA-456, an allogeneic stem cell therapy to control stem cell growth; E478, a small molecule aryl hydrocarbon receptor antagonist for the expansion of gene-modified stem cells; and G100, an antibody-drug conjugate program to prevent acute graft and host diseases.

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