Barclays Raises MacroGenics (NASDAQ:MGNX) Price Target to $4.00

MacroGenics (NASDAQ:MGNX) had its price target lifted by analysts at Barclays from $3.00 to $4.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the biopharmaceutical company’s stock. Barclays‘s price objective would suggest a potential upside of 36.15% from the stock’s previous close.

MGNX has been the topic of several other research reports. Zacks Research lowered shares of MacroGenics from a “strong-buy” rating to a “hold” rating in a research report on Thursday, January 1st. Weiss Ratings reiterated a “sell (d-)” rating on shares of MacroGenics in a report on Monday, December 22nd. Finally, Citigroup reaffirmed a “market perform” rating on shares of MacroGenics in a research report on Tuesday, February 24th. Two equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $3.80.

MacroGenics Stock Performance

Shares of MGNX stock traded up $0.58 on Tuesday, hitting $2.94. 1,447,005 shares of the stock traded hands, compared to its average volume of 825,508. MacroGenics has a twelve month low of $0.99 and a twelve month high of $2.95. The firm’s 50-day moving average price is $1.80 and its two-hundred day moving average price is $1.68. The stock has a market capitalization of $185.86 million, a PE ratio of -2.45 and a beta of 1.45.

MacroGenics (NASDAQ:MGNX) last issued its earnings results on Monday, March 9th. The biopharmaceutical company reported ($0.22) EPS for the quarter, topping analysts’ consensus estimates of ($0.42) by $0.20. The company had revenue of $41.23 million for the quarter, compared to the consensus estimate of $27.81 million. MacroGenics had a negative net margin of 59.46% and a negative return on equity of 98.30%. On average, equities research analysts anticipate that MacroGenics will post -1.06 EPS for the current fiscal year.

Hedge Funds Weigh In On MacroGenics

Hedge funds and other institutional investors have recently bought and sold shares of the company. Invesco Ltd. grew its position in MacroGenics by 31.6% in the 4th quarter. Invesco Ltd. now owns 111,121 shares of the biopharmaceutical company’s stock valued at $179,000 after acquiring an additional 26,668 shares in the last quarter. Mackenzie Financial Corp purchased a new position in shares of MacroGenics in the fourth quarter valued at approximately $324,000. XTX Topco Ltd grew its holdings in shares of MacroGenics by 38.2% in the fourth quarter. XTX Topco Ltd now owns 240,327 shares of the biopharmaceutical company’s stock valued at $387,000 after purchasing an additional 66,368 shares in the last quarter. Quadrature Capital Ltd increased its stake in MacroGenics by 521.5% during the 4th quarter. Quadrature Capital Ltd now owns 265,465 shares of the biopharmaceutical company’s stock worth $427,000 after buying an additional 222,751 shares during the period. Finally, Armistice Capital LLC lifted its holdings in MacroGenics by 6.1% during the 4th quarter. Armistice Capital LLC now owns 6,324,000 shares of the biopharmaceutical company’s stock worth $10,182,000 after buying an additional 364,000 shares in the last quarter. 96.89% of the stock is currently owned by hedge funds and other institutional investors.

About MacroGenics

MacroGenics, Inc is a clinical-stage biopharmaceutical company focused on the discovery and development of monoclonal antibody–based therapeutics for the treatment of cancer and autoimmune diseases. The company leverages proprietary Fc engineering technologies to enhance immune engagement and extend the activity of its antibodies. Since its founding in 2000, MacroGenics has advanced several product candidates through clinical trials, most notably margetuximab, a HER2-targeted antibody designed to improve outcomes in patients with HER2-positive breast cancer.

Central to MacroGenics’ research platform are its ADAPTIR and Trident bispecific antibody technologies.