Magenta Therapeutics Inc (NASDAQ:MGTA) Sees Significant Growth in Short Interest

Magenta Therapeutics Inc (NASDAQ:MGTA) was the recipient of a large increase in short interest in the month of November. As of November 29th, there was short interest totalling 1,790,000 shares, an increase of 11.9% from the November 14th total of 1,600,000 shares. Approximately 9.1% of the company’s shares are sold short. Based on an average trading volume of 95,600 shares, the days-to-cover ratio is currently 18.7 days.

Several equities analysts have issued reports on MGTA shares. Cowen restated a “buy” rating on shares of Magenta Therapeutics in a research report on Monday, December 9th. ValuEngine lowered shares of Magenta Therapeutics from a “hold” rating to a “sell” rating in a research note on Wednesday, November 20th. Goldman Sachs Group reaffirmed a “neutral” rating and issued a $18.00 price objective on shares of Magenta Therapeutics in a research note on Friday, December 6th. Zacks Investment Research lowered shares of Magenta Therapeutics from a “buy” rating to a “hold” rating in a research note on Tuesday, October 15th. Finally, BTIG Research assumed coverage on shares of Magenta Therapeutics in a research note on Friday, December 6th. They issued a “buy” rating and a $20.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $17.75.

In other Magenta Therapeutics news, insider Michael P. Cooke sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $10.01, for a total value of $50,050.00. Also, insider Michael P. Cooke sold 7,500 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $13.00, for a total transaction of $97,500.00. Following the completion of the transaction, the insider now owns 244,396 shares of the company’s stock, valued at $3,177,148. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 28,548 shares of company stock valued at $349,641. Corporate insiders own 10.90% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of MGTA. Metropolitan Life Insurance Co NY bought a new position in Magenta Therapeutics during the third quarter worth $76,000. JPMorgan Chase & Co. boosted its stake in Magenta Therapeutics by 52.8% during the second quarter. JPMorgan Chase & Co. now owns 5,349 shares of the company’s stock worth $79,000 after acquiring an additional 1,848 shares in the last quarter. OneAscent Financial Services LLC bought a new position in Magenta Therapeutics during the second quarter worth $166,000. Virtus ETF Advisers LLC bought a new position in Magenta Therapeutics during the second quarter worth $274,000. Finally, Wells Fargo & Company MN lifted its stake in shares of Magenta Therapeutics by 253.1% in the second quarter. Wells Fargo & Company MN now owns 30,021 shares of the company’s stock valued at $443,000 after buying an additional 21,519 shares in the last quarter. 63.42% of the stock is currently owned by institutional investors and hedge funds.

NASDAQ MGTA traded down $1.08 on Friday, hitting $12.70. 151,540 shares of the company were exchanged, compared to its average volume of 177,519. The company has a market cap of $537.28 million, a PE ratio of -4.06 and a beta of 3.24. Magenta Therapeutics has a 12 month low of $5.31 and a 12 month high of $21.00. The stock has a fifty day moving average of $11.66 and a 200-day moving average of $12.11.

Magenta Therapeutics (NASDAQ:MGTA) last issued its earnings results on Wednesday, November 13th. The company reported ($0.54) earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.54). As a group, research analysts anticipate that Magenta Therapeutics will post -2.05 earnings per share for the current year.

Magenta Therapeutics Company Profile

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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