Barclays Cuts MacroGenics (NASDAQ:MGNX) Price Target to $9.00

MacroGenics (NASDAQ:MGNX) had its target price reduced by Barclays from $14.00 to $9.00 in a report released on Monday morning, Benzinga reports. They currently have an overweight rating on the biopharmaceutical company’s stock.

A number of other equities analysts also recently commented on the company. TD Cowen downgraded MacroGenics from a buy rating to a hold rating in a research report on Friday, May 10th. Stifel Nicolaus downgraded shares of MacroGenics from a buy rating to a hold rating and dropped their price objective for the company from $29.00 to $7.00 in a research report on Friday, May 10th. HC Wainwright reduced their price objective on shares of MacroGenics from $16.00 to $4.00 and set a neutral rating on the stock in a report on Monday, May 13th. BTIG Research lowered their target price on shares of MacroGenics from $24.00 to $9.00 and set a buy rating for the company in a research note on Friday, May 24th. Finally, B. Riley assumed coverage on MacroGenics in a report on Friday, April 26th. They issued a buy rating and a $25.00 target price on the stock. Eight investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of Hold and a consensus price target of $8.33.

MacroGenics Stock Up 6.4 %

MacroGenics stock opened at $4.00 on Monday. The company’s 50 day moving average is $4.58 and its two-hundred day moving average is $11.22. The firm has a market cap of $250.52 million, a PE ratio of -10.26 and a beta of 2.09. MacroGenics has a 52-week low of $3.14 and a 52-week high of $21.88.

MacroGenics (NASDAQ:MGNX) last released its earnings results on Thursday, May 9th. The biopharmaceutical company reported ($0.84) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.67) by ($0.17). MacroGenics had a negative net margin of 53.60% and a negative return on equity of 98.01%. The company had revenue of $9.10 million during the quarter, compared to analysts’ expectations of $13.63 million. On average, equities research analysts anticipate that MacroGenics will post -3.04 earnings per share for the current fiscal year.

Institutional Trading of MacroGenics

Institutional investors and hedge funds have recently made changes to their positions in the company. Principal Financial Group Inc. increased its position in MacroGenics by 1.1% during the second quarter. Principal Financial Group Inc. now owns 348,421 shares of the biopharmaceutical company’s stock worth $1,481,000 after buying an additional 3,818 shares during the period. Panagora Asset Management Inc. increased its holdings in shares of MacroGenics by 60.0% in the 2nd quarter. Panagora Asset Management Inc. now owns 741,490 shares of the biopharmaceutical company’s stock valued at $3,151,000 after acquiring an additional 278,060 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its position in MacroGenics by 300.6% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,072 shares of the biopharmaceutical company’s stock valued at $68,000 after purchasing an additional 12,060 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in MacroGenics by 4.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 261,944 shares of the biopharmaceutical company’s stock worth $1,113,000 after purchasing an additional 12,237 shares during the period. Finally, Diversified Trust Co grew its position in MacroGenics by 32.8% during the 2nd quarter. Diversified Trust Co now owns 18,097 shares of the biopharmaceutical company’s stock worth $77,000 after purchasing an additional 4,467 shares during the last quarter. 96.89% of the stock is owned by hedge funds and other institutional investors.

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.