MacroGenics (NASDAQ:MGNX) Price Target Cut to $5.00 by Analysts at BMO Capital Markets

MacroGenics (NASDAQ:MGNX) had its target price lowered by analysts at BMO Capital Markets from $8.00 to $5.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm presently has a “market perform” rating on the biopharmaceutical company’s stock. BMO Capital Markets’ price objective suggests a potential upside of 42.05% from the stock’s current price.

Several other analysts have also weighed in on MGNX. Guggenheim lowered shares of MacroGenics from a “buy” rating to a “neutral” rating in a report on Wednesday, July 31st. HC Wainwright reissued a “neutral” rating and set a $4.00 price target on shares of MacroGenics in a research note on Thursday, August 1st. B. Riley cut shares of MacroGenics from a “buy” rating to a “neutral” rating and decreased their price target for the company from $18.00 to $5.00 in a research note on Wednesday, July 31st. TD Cowen cut shares of MacroGenics from a “buy” rating to a “hold” rating in a research note on Friday, May 10th. Finally, Barclays reduced their price objective on shares of MacroGenics from $14.00 to $9.00 and set an “overweight” rating on the stock in a research note on Monday, July 29th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $8.00.

MacroGenics Stock Performance

Shares of NASDAQ MGNX traded up $0.07 during mid-day trading on Wednesday, hitting $3.52. 582,900 shares of the stock were exchanged, compared to its average volume of 1,822,325. The company has a market cap of $220.47 million, a P/E ratio of -8.90 and a beta of 2.09. The stock’s fifty day simple moving average is $4.49 and its two-hundred day simple moving average is $10.91. MacroGenics has a twelve month low of $3.14 and a twelve month high of $21.88.

MacroGenics (NASDAQ:MGNX) last posted its quarterly earnings data on Tuesday, August 6th. The biopharmaceutical company reported ($0.89) earnings per share for the quarter, missing the consensus estimate of ($0.47) by ($0.42). The firm had revenue of $10.80 million for the quarter, compared to analyst estimates of $24.14 million. MacroGenics had a negative return on equity of 98.01% and a negative net margin of 53.60%. As a group, equities research analysts predict that MacroGenics will post -2.19 earnings per share for the current fiscal year.

Institutional Investors Weigh In On MacroGenics

Several hedge funds have recently bought and sold shares of the company. Acadian Asset Management LLC raised its holdings in MacroGenics by 23.8% in the second quarter. Acadian Asset Management LLC now owns 586,079 shares of the biopharmaceutical company’s stock worth $2,489,000 after purchasing an additional 112,666 shares during the period. Principal Financial Group Inc. raised its holdings in shares of 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 acquiring an additional 3,818 shares during the period. Panagora Asset Management Inc. raised its holdings in shares of MacroGenics by 60.0% during the second quarter. Panagora Asset Management Inc. now owns 741,490 shares of the biopharmaceutical company’s stock worth $3,151,000 after acquiring an additional 278,060 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of MacroGenics by 300.6% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,072 shares of the biopharmaceutical company’s stock worth $68,000 after acquiring an additional 12,060 shares during the period. Finally, Bank of New York Mellon Corp raised its holdings in shares of MacroGenics by 4.9% during the second quarter. Bank of New York Mellon Corp now owns 261,944 shares of the biopharmaceutical company’s stock worth $1,113,000 after acquiring an additional 12,237 shares during the period. 96.89% of the stock is currently owned by institutional investors and hedge funds.

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.