HC Wainwright Cuts MacroGenics (NASDAQ:MGNX) Price Target to $10.00

MacroGenics (NASDAQ:MGNXGet Rating) had its target price reduced by HC Wainwright from $35.00 to $10.00 in a report issued on Monday morning, The Fly reports. They currently have a buy rating on the biopharmaceutical company’s stock.

Several other research firms have also recently issued reports on MGNX. Citigroup increased their price target on shares of MacroGenics from $13.00 to $16.00 and gave the stock a buy rating in a report on Monday, August 29th. StockNews.com raised shares of MacroGenics from a sell rating to a hold rating in a report on Tuesday, August 9th. Sumitomo Mitsui Financial Group lowered shares of MacroGenics from an outperform rating to a neutral rating and set a $5.00 price target on the stock. in a research report on Monday, July 18th. BTIG Research set a $6.00 target price on shares of MacroGenics in a research report on Tuesday, July 19th. Finally, JMP Securities decreased their target price on shares of MacroGenics from $24.00 to $20.00 and set a market outperform rating on the stock in a research report on Tuesday, July 12th. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average price target of $12.33.

MacroGenics Stock Down 8.3 %

Shares of NASDAQ MGNX opened at $3.89 on Monday. The firm has a market cap of $239.08 million, a price-to-earnings ratio of -1.09 and a beta of 1.96. MacroGenics has a 52-week low of $2.13 and a 52-week high of $28.09. The business’s 50 day moving average is $3.98 and its two-hundred day moving average is $5.39.

MacroGenics (NASDAQ:MGNXGet Rating) last issued its earnings results on Monday, August 8th. The biopharmaceutical company reported ($0.67) EPS for the quarter, topping analysts’ consensus estimates of ($0.97) by $0.30. MacroGenics had a negative net margin of 326.76% and a negative return on equity of 102.68%. The firm had revenue of $26.01 million during the quarter, compared to the consensus estimate of $14.59 million. Analysts anticipate that MacroGenics will post -2.24 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO James Karrels purchased 40,000 shares of the company’s stock in a transaction on Wednesday, June 15th. The shares were bought at an average cost of $2.47 per share, for a total transaction of $98,800.00. Following the transaction, the chief financial officer now owns 191,776 shares of the company’s stock, valued at $473,686.72. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 7.90% of the stock is owned by insiders.

Institutional Trading of MacroGenics

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Massachusetts Financial Services Co. MA raised its holdings in shares of MacroGenics by 23.8% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 96,898 shares of the biopharmaceutical company’s stock worth $854,000 after purchasing an additional 18,599 shares in the last quarter. E Fund Management Co. Ltd. acquired a new stake in MacroGenics during the 1st quarter valued at $92,000. Ensign Peak Advisors Inc purchased a new stake in MacroGenics in the 4th quarter worth about $208,000. Teacher Retirement System of Texas acquired a new stake in shares of MacroGenics during the first quarter worth approximately $89,000. Finally, Qube Research & Technologies Ltd grew its holdings in shares of MacroGenics by 86.6% during the 1st quarter. Qube Research & Technologies Ltd now owns 55,550 shares of the biopharmaceutical company’s stock valued at $489,000 after acquiring an additional 25,788 shares in the last quarter.

About MacroGenics

(Get Rating)

MacroGenics, Inc, a biopharmaceutical company, develops 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.

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