MacroGenics (NASDAQ:MGNX) Lowered to “Hold” Rating by Zacks Research

MacroGenics (NASDAQ:MGNX) was downgraded by research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday,Zacks.com reports.

Several other brokerages also recently commented on MGNX. Barclays began coverage on MacroGenics in a research report on Wednesday, September 17th. They issued an “overweight” rating and a $3.00 price target on the stock. HC Wainwright reaffirmed a “neutral” rating and set a $2.00 target price on shares of MacroGenics in a research report on Monday, November 3rd. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of MacroGenics in a report on Monday, December 22nd. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $3.60.

MacroGenics Price Performance

Shares of MGNX stock opened at $1.61 on Thursday. The company has a market cap of $101.85 million, a PE ratio of -1.34 and a beta of 1.51. MacroGenics has a 12 month low of $0.99 and a 12 month high of $3.60. The business’s 50 day moving average is $1.51 and its two-hundred day moving average is $1.58.

MacroGenics (NASDAQ:MGNX) last released its quarterly earnings results on Wednesday, November 12th. The biopharmaceutical company reported $0.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.48) by $0.75. MacroGenics had a negative net margin of 59.46% and a negative return on equity of 98.30%. The company had revenue of $72.84 million during the quarter, compared to analysts’ expectations of $28.72 million. As a group, equities analysts expect that MacroGenics will post -1.06 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. boosted its holdings in MacroGenics by 64.1% during the third quarter. JPMorgan Chase & Co. now owns 755,245 shares of the biopharmaceutical company’s stock valued at $1,269,000 after purchasing an additional 295,108 shares in the last quarter. Cantor Fitzgerald L. P. bought a new stake in MacroGenics in the third quarter valued at $269,000. Voleon Capital Management LP acquired a new position in MacroGenics during the third quarter worth $516,000. Qube Research & Technologies Ltd acquired a new position in MacroGenics during the third quarter worth $38,000. Finally, Public Employees Retirement System of Ohio boosted its stake in shares of MacroGenics by 63.1% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 42,382 shares of the biopharmaceutical company’s stock valued at $71,000 after purchasing an additional 16,400 shares in the last quarter. Institutional investors and hedge funds own 96.89% of the company’s stock.

MacroGenics Company Profile

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.