MacroGenics (NASDAQ:MGNX) Stock Crosses Above Fifty Day Moving Average – What’s Next?

MacroGenics, Inc. (NASDAQ:MGNX)’s share price crossed above its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of $2.35 and traded as high as $3.49. MacroGenics shares last traded at $3.35, with a volume of 1,332,792 shares traded.

Analyst Ratings Changes

Several analysts have commented on MGNX shares. Zacks Research cut MacroGenics from a “strong-buy” rating to a “hold” rating in a report on Thursday, January 1st. Citigroup reissued a “market perform” rating on shares of MacroGenics in a research report on Tuesday, February 24th. Weiss Ratings reissued a “sell (d-)” rating on shares of MacroGenics in a research report on Monday, December 22nd. Wall Street Zen raised MacroGenics from a “sell” rating to a “hold” rating in a research report on Saturday, March 14th. Finally, Barclays upped their target price on MacroGenics from $3.00 to $4.00 and gave the company an “overweight” rating in a research report on Tuesday, March 10th. Two research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $3.80.

MacroGenics Stock Up 5.3%

The company has a market cap of $212.93 million, a P/E ratio of -2.86 and a beta of 1.09. The company has a 50 day moving average price of $2.35 and a 200-day moving average price of $1.88.

MacroGenics (NASDAQ:MGNX) last released its quarterly earnings results on Monday, March 9th. The biopharmaceutical company reported ($0.22) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.42) by $0.20. MacroGenics had a negative return on equity of 120.19% and a negative net margin of 49.91%.The company had revenue of $41.23 million during the quarter, compared to analysts’ expectations of $27.81 million. On average, research analysts expect that MacroGenics, Inc. will post -1.06 earnings per share for the current fiscal year.

Institutional Investors Weigh In On MacroGenics

Several hedge funds have recently modified their holdings of the stock. Armistice Capital LLC lifted its holdings in shares of MacroGenics by 6.1% during the fourth quarter. Armistice Capital LLC now owns 6,324,000 shares of the biopharmaceutical company’s stock valued at $10,182,000 after purchasing an additional 364,000 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of MacroGenics by 0.3% during the third quarter. Vanguard Group Inc. now owns 4,224,234 shares of the biopharmaceutical company’s stock valued at $7,097,000 after purchasing an additional 11,120 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in shares of MacroGenics by 71.0% during the fourth quarter. Renaissance Technologies LLC now owns 2,908,631 shares of the biopharmaceutical company’s stock valued at $4,683,000 after purchasing an additional 1,207,408 shares during the last quarter. Millennium Management LLC lifted its holdings in shares of MacroGenics by 5.0% during the third quarter. Millennium Management LLC now owns 2,116,870 shares of the biopharmaceutical company’s stock valued at $3,556,000 after purchasing an additional 101,006 shares during the last quarter. Finally, Jefferies Financial Group Inc. purchased a new stake in shares of MacroGenics during the fourth quarter valued at $2,964,000. 96.89% of the stock is 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.