MacroGenics (NASDAQ:MGNX) Price Target Cut to $8.00

MacroGenics (NASDAQ:MGNX – Get Rating) had its target price reduced by equities research analysts at JMP Securities from $18.00 to $8.00 in a research note issued on Thursday, The Fly reports. The brokerage currently has a “market outperform” rating on the biopharmaceutical company’s stock. JMP Securities’ price objective would indicate a potential upside of 38.17% from the stock’s previous close.

Other research analysts also recently issued reports about the stock. Citigroup downgraded shares of MacroGenics from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $16.00 to $7.00 in a research report on Wednesday, November 23rd. Cowen downgraded shares of MacroGenics from an “outperform” rating to a “market perform” rating in a research report on Tuesday, November 22nd. HC Wainwright boosted their price objective on shares of MacroGenics from $11.00 to $12.00 and gave the company a “buy” rating in a research report on Monday, November 7th. Cowen downgraded shares of MacroGenics from an “outperform” rating to a “market perform” rating in a research report on Tuesday, November 22nd. Finally, Guggenheim raised shares of MacroGenics from a “neutral” rating to a “buy” rating and set a $12.00 price objective on the stock in a research report on Tuesday, November 22nd. Five analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $9.56.

MacroGenics Stock Up 10.3 %

Shares of NASDAQ MGNX opened at $5.79 on Thursday. MacroGenics has a 52 week low of $2.13 and a 52 week high of $13.41. The firm’s fifty day moving average is $6.10 and its 200 day moving average is $4.78. The company has a market cap of $355.94 million, a price-to-earnings ratio of -1.87 and a beta of 2.04.

MacroGenics (NASDAQ:MGNX – Get Rating) last issued its earnings results on Thursday, November 3rd. The biopharmaceutical company reported ($0.40) EPS for the quarter, topping the consensus estimate of ($0.49) by $0.09. MacroGenics had a negative net margin of 204.95% and a negative return on equity of 111.57%. The company had revenue of $41.73 million for the quarter, compared to the consensus estimate of $22.74 million. Equities research analysts anticipate that MacroGenics will post -1.48 earnings per share for the current year.

Insider Buying and Selling

In other news, major shareholder Target N. V. Biotech purchased 250,000 shares of the company’s stock in a transaction that occurred on Monday, October 24th. The shares were bought at an average price of $4.36 per share, for a total transaction of $1,090,000.00. Following the purchase, the insider now directly owns 8,229,963 shares in the company, valued at approximately $35,882,638.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, major shareholder Target N. V. Biotech purchased 200,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 27th. The shares were bought at an average price of $5.61 per share, for a total transaction of $1,122,000.00. Following the purchase, the insider now directly owns 8,929,963 shares in the company, valued at approximately $50,097,092.43. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Target N. V. Biotech purchased 250,000 shares of the company’s stock in a transaction that occurred on Monday, October 24th. The stock was purchased at an average price of $4.36 per share, for a total transaction of $1,090,000.00. Following the purchase, the insider now owns 8,229,963 shares in the company, valued at $35,882,638.68. The disclosure for this purchase can be found here. Insiders have bought a total of 950,000 shares of company stock worth $5,176,000 in the last quarter. Corporate insiders own 7.90% of the company’s stock.

Hedge Funds Weigh In On MacroGenics

Several hedge funds and other institutional investors have recently bought and sold shares of MGNX. Millennium Management LLC lifted its stake in MacroGenics by 68.0% during the 2nd quarter. Millennium Management LLC now owns 2,609,562 shares of the biopharmaceutical company’s stock valued at $7,698,000 after acquiring an additional 1,055,927 shares during the period. Citadel Advisors LLC lifted its stake in MacroGenics by 910.9% during the 2nd quarter. Citadel Advisors LLC now owns 1,092,449 shares of the biopharmaceutical company’s stock valued at $3,222,000 after acquiring an additional 984,387 shares during the period. EcoR1 Capital LLC bought a new position in MacroGenics during the 3rd quarter valued at about $3,221,000. Renaissance Technologies LLC lifted its stake in MacroGenics by 144.3% during the 2nd quarter. Renaissance Technologies LLC now owns 1,430,923 shares of the biopharmaceutical company’s stock valued at $4,221,000 after acquiring an additional 845,211 shares during the period. Finally, Federated Hermes Inc. lifted its stake in MacroGenics by 281.3% during the 2nd quarter. Federated Hermes Inc. now owns 1,107,546 shares of the biopharmaceutical company’s stock valued at $3,267,000 after acquiring an additional 817,088 shares during the period. Institutional investors own 93.63% of the company’s stock.

MacroGenics Company Profile

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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.