B. Riley Lowers MacroGenics (NASDAQ:MGNX) to Neutral

B. Riley cut shares of MacroGenics (NASDAQ:MGNX) from a buy rating to a neutral rating in a report published on Wednesday morning, MarketBeat reports. The firm currently has $5.00 price target on the biopharmaceutical company’s stock, down from their previous price target of $18.00. B. Riley also issued estimates for MacroGenics’ Q2 2024 earnings at $0.13 EPS, Q3 2024 earnings at ($0.25) EPS, Q4 2024 earnings at $0.56 EPS, FY2024 earnings at ($0.36) EPS, FY2025 earnings at ($0.39) EPS, FY2026 earnings at ($1.41) EPS, FY2027 earnings at ($2.45) EPS and FY2028 earnings at ($1.96) EPS.

A number of other brokerages have also commented on MGNX. HC Wainwright cut their price objective on shares of MacroGenics from $16.00 to $4.00 and set a neutral rating on the stock in a research report on Monday, May 13th. BTIG Research cut their price objective on shares of MacroGenics from $24.00 to $9.00 and set a buy rating on the stock in a research report on Friday, May 24th. Stifel Nicolaus lowered shares of MacroGenics from a buy rating to a hold rating and cut their price objective for the stock from $29.00 to $7.00 in a research report on Friday, May 10th. TD Cowen lowered shares of MacroGenics from a buy rating to a hold rating in a research report on Friday, May 10th. Finally, BMO Capital Markets lowered shares of MacroGenics from an outperform rating to a market perform rating and cut their price objective for the stock from $24.00 to $8.00 in a research report on Friday, May 10th. Eight equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of Hold and an average price target of $8.33.

MacroGenics Stock Down 4.3 %

MacroGenics stock opened at $3.83 on Wednesday. The stock has a market capitalization of $239.87 million, a PE ratio of -9.82 and a beta of 2.09. MacroGenics has a twelve month low of $3.14 and a twelve month high of $21.88. The company has a 50 day moving average of $4.56 and a 200-day moving average of $11.12.

MacroGenics (NASDAQ:MGNX) last released its quarterly earnings results on Thursday, May 9th. The biopharmaceutical company reported ($0.84) earnings per share for the quarter, missing the consensus estimate of ($0.67) by ($0.17). The company had revenue of $9.10 million during the quarter, compared to analyst estimates of $13.63 million. MacroGenics had a negative net margin of 53.60% and a negative return on equity of 98.01%. Equities analysts anticipate that MacroGenics will post -2.19 EPS for the current fiscal year.

Institutional Trading of MacroGenics

Large investors have recently modified their holdings of the stock. EntryPoint Capital LLC acquired a new stake in shares of MacroGenics during the 1st quarter worth approximately $40,000. CANADA LIFE ASSURANCE Co acquired a new stake in shares of MacroGenics during the 1st quarter worth approximately $52,000. Sound Income Strategies LLC acquired a new stake in shares of MacroGenics during the 1st quarter worth approximately $77,000. AJOVista LLC acquired a new stake in shares of MacroGenics during the 4th quarter worth approximately $51,000. Finally, China Universal Asset Management Co. Ltd. grew its position in shares of MacroGenics by 349.2% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 7,174 shares of the biopharmaceutical company’s stock worth $69,000 after buying an additional 5,577 shares during the period. Institutional investors and hedge funds own 96.89% of the company’s stock.

About MacroGenics

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.