MacroGenics (NASDAQ:MGNX) Raised to Strong-Buy at Evercore ISI

MacroGenics (NASDAQ:MGNX) was upgraded by stock analysts at Evercore ISI to a “strong-buy” rating in a research note issued to investors on Monday, Zacks.com reports.

Several other brokerages have also issued reports on MGNX. BMO Capital Markets decreased their price objective on MacroGenics from $8.00 to $5.00 and set a “market perform” rating for the company in a research report on Wednesday, August 7th. HC Wainwright reiterated a “neutral” rating and issued a $4.00 price target on shares of MacroGenics in a research note on Wednesday, August 21st. StockNews.com lowered shares of MacroGenics from a “hold” rating to a “sell” rating in a research note on Thursday, August 8th. JMP Securities dropped their target price on MacroGenics from $16.00 to $8.00 and set a “market outperform” rating for the company in a report on Wednesday, July 31st. Finally, B. Riley lowered MacroGenics from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $18.00 to $5.00 in a research note on Wednesday, July 31st. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $8.11.

MacroGenics Stock Down 1.9 %

MGNX stock opened at $3.37 on Monday. MacroGenics has a twelve month low of $3.14 and a twelve month high of $21.88. The company has a market cap of $210.76 million, a P/E ratio of -8.63 and a beta of 2.09. The business has a fifty day moving average of $4.00 and a 200-day moving average of $8.45.

MacroGenics (NASDAQ:MGNX) last released its quarterly earnings data on Tuesday, August 6th. The biopharmaceutical company reported ($0.89) EPS for the quarter, missing analysts’ consensus estimates of ($0.47) by ($0.42). The company had revenue of $10.80 million during the quarter, compared to the consensus estimate of $24.14 million. MacroGenics had a negative net margin of 332.47% and a negative return on equity of 146.01%. As a group, equities research analysts anticipate that MacroGenics will post -1.72 earnings per share for the current fiscal year.

Hedge Funds Weigh In On MacroGenics

Several large investors have recently bought and sold shares of MGNX. Avoro Capital Advisors LLC bought a new stake in shares of MacroGenics during the first quarter worth about $90,528,000. Armistice Capital LLC increased its position in MacroGenics by 150.0% in the 2nd quarter. Armistice Capital LLC now owns 6,000,000 shares of the biopharmaceutical company’s stock valued at $25,500,000 after acquiring an additional 3,600,000 shares during the period. Millennium Management LLC raised its stake in shares of MacroGenics by 3,473.7% during the second quarter. Millennium Management LLC now owns 3,312,672 shares of the biopharmaceutical company’s stock valued at $14,079,000 after acquiring an additional 3,219,977 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of MacroGenics by 8,361.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,438,050 shares of the biopharmaceutical company’s stock worth $35,889,000 after purchasing an additional 2,409,237 shares during the period. Finally, Marshall Wace LLP grew its stake in shares of MacroGenics by 1,689.3% in the second quarter. Marshall Wace LLP now owns 658,007 shares of the biopharmaceutical company’s stock worth $2,797,000 after purchasing an additional 621,232 shares during the last quarter. 96.89% of the stock is currently owned by institutional investors.

MacroGenics Company Profile

MacroGenics, Inc, a biopharmaceutical company, develops, manufactures, and commercializes antibody-based therapeutics to treat cancer in the United States. Its approved product is MARGENZA (margetuximab-cmkb), a human epidermal growth factor receptor 2 (HER2) receptor antagonist indicated, in combination with chemotherapy, for the treatment of adult patients with metastatic HER2-positive breast cancer who have received two or more prior anti-HER2 regimens.