393,412 MacroGenics, Inc. $MGNX Shares Acquired by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. raised its stake in shares of MacroGenics, Inc. (NASDAQ:MGNX) by 154.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 647,713 shares of the biopharmaceutical company’s stock after acquiring an additional 393,412 shares during the quarter. Pinnacle Associates Ltd.’s holdings in MacroGenics were worth $2,500,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new position in MacroGenics during the 2nd quarter worth $21,618,000. Bank of America Corp DE acquired a new stake in shares of MacroGenics in the 2nd quarter valued at about $11,496,000. Wasatch Advisors LP raised its stake in shares of MacroGenics by 29.4% in the 2nd quarter. Wasatch Advisors LP now owns 2,018,881 shares of the biopharmaceutical company’s stock valued at $9,327,000 after purchasing an additional 459,180 shares in the last quarter. Renaissance Technologies LLC raised its stake in shares of MacroGenics by 1.9% in the 1st quarter. Renaissance Technologies LLC now owns 2,963,559 shares of the biopharmaceutical company’s stock valued at $8,565,000 after purchasing an additional 54,928 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of MacroGenics in the 2nd quarter valued at about $4,622,000. 96.89% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of MacroGenics in a research report on Wednesday, August 5th. B. Riley Financial boosted their price objective on MacroGenics from $9.00 to $11.00 and gave the company a “buy” rating in a report on Monday, August 17th. Finally, Citigroup started coverage on MacroGenics in a research note on Friday. They set a “positive” rating on the stock. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, MacroGenics currently has an average rating of “Hold” and an average price target of $6.33.

Insider Activity

In related news, VP Jeffrey Peters sold 31,105 shares of MacroGenics stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $4.15, for a total value of $129,085.75. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 13.60% of the stock is owned by insiders.

MacroGenics Stock Performance

Shares of MGNX stock opened at $2.25 on Friday. MacroGenics, Inc. has a 1 year low of $1.29 and a 1 year high of $5.08. The stock has a market cap of $143.32 million, a PE ratio of -10.23 and a beta of 1.20. The business’s fifty day moving average is $3.87 and its 200-day moving average is $3.94.

MacroGenics (NASDAQ:MGNX) last announced its quarterly earnings data on Thursday, August 13th. The biopharmaceutical company reported $0.31 earnings per share for the quarter, beating the consensus estimate of ($0.08) by $0.39. MacroGenics had a negative return on equity of 109.26% and a negative net margin of 8.70%. The business had revenue of $32.83 million during the quarter, compared to analyst estimates of $59.14 million. Equities research analysts predict that MacroGenics, Inc. will post -1.14 earnings per share for the current year.

About MacroGenics

MacroGenics, Inc is a biopharmaceutical company focused on developing antibody-based therapies for cancer and immune-mediated diseases. Headquartered in Rockville, Maryland, the company uses its proprietary DART platform and other antibody technologies to create treatments designed to modulate immune responses and target disease-associated cells.

MacroGenics’ portfolio includes MARGENZA (margetuximab-cmkb), an antibody therapy approved in the United States for certain patients with HER2-positive metastatic breast cancer.