MacroGenics (NASDAQ:MGNX) Shares Down 10.8%

MacroGenics, Inc. (NASDAQ:MGNX) dropped 10.8% during mid-day trading on Wednesday . The company traded as low as $14.29 and last traded at $14.31. Approximately 500,731 shares were traded during mid-day trading, a decline of 63% from the average daily volume of 1,342,682 shares. The stock had previously closed at $16.05.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. TD Cowen upgraded MacroGenics from a “hold” rating to a “buy” rating in a report on Tuesday, April 9th. JMP Securities restated a “market outperform” rating on shares of MacroGenics in a research note on Thursday, April 4th. TheStreet lowered shares of MacroGenics from a “c” rating to a “d” rating in a research note on Thursday, March 7th. B. Riley began coverage on shares of MacroGenics in a research report on Friday, April 26th. They set a “buy” rating and a $25.00 target price on the stock. Finally, BTIG Research upped their price target on shares of MacroGenics from $12.00 to $24.00 and gave the stock a “buy” rating in a research report on Monday, March 4th. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $18.00.

MacroGenics Stock Down 7.7 %

The company’s 50-day simple moving average is $16.43 and its 200 day simple moving average is $12.59. The firm has a market capitalization of $927.15 million, a PE ratio of -93.44 and a beta of 2.09.

MacroGenics (NASDAQ:MGNX) last released its quarterly earnings results on Thursday, March 7th. The biopharmaceutical company reported ($0.75) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.26) by ($0.49). The firm had revenue of $10.72 million during the quarter, compared to analysts’ expectations of $25.70 million. MacroGenics had a negative return on equity of 88.49% and a negative net margin of 15.42%. During the same period in the prior year, the firm posted $0.21 earnings per share. On average, sell-side analysts forecast that MacroGenics, Inc. will post -2.7 earnings per share for the current fiscal year.

Insider Transactions at MacroGenics

In related news, VP Jeffrey Stuart Peters sold 51,395 shares of the stock in a transaction that occurred on Thursday, April 4th. The shares were sold at an average price of $15.55, for a total value of $799,192.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 11.30% of the company’s stock.

Hedge Funds Weigh In On MacroGenics

Hedge funds have recently made changes to their positions in the company. Sound Income Strategies LLC purchased a new stake in MacroGenics during the 1st quarter valued at about $77,000. AJOVista LLC acquired a new stake in shares of MacroGenics during the fourth quarter worth about $51,000. China Universal Asset Management Co. Ltd. boosted its position in MacroGenics by 349.2% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 7,174 shares of the biopharmaceutical company’s stock valued at $69,000 after buying an additional 5,577 shares during the last quarter. Diversified Trust Co increased its holdings in MacroGenics by 16.0% in the 1st quarter. Diversified Trust Co now owns 13,630 shares of the biopharmaceutical company’s stock worth $201,000 after buying an additional 1,880 shares during the period. Finally, Jump Financial LLC purchased a new position in MacroGenics during the 4th quarter worth approximately $135,000. 96.89% of the stock is owned by institutional investors and hedge funds.

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.