B. Riley Issues Pessimistic Forecast for MacroGenics (NASDAQ:MGNX) Stock Price

MacroGenics (NASDAQ:MGNX) had its price objective cut by stock analysts at B. Riley from $5.00 to $3.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has a “neutral” rating on the biopharmaceutical company’s stock. B. Riley’s price objective indicates a potential upside of 101.34% from the company’s previous close.

Several other analysts have also recently issued reports on MGNX. Stifel Nicolaus cut their target price on MacroGenics from $6.00 to $5.00 and set a “hold” rating for the company in a research report on Wednesday, May 14th. HC Wainwright cut their target price on MacroGenics from $4.00 to $2.00 and set a “neutral” rating for the company in a research report on Tuesday, March 25th. StockNews.com cut MacroGenics from a “buy” rating to a “hold” rating in a research report on Friday, March 21st. Finally, Barclays reiterated an “overweight” rating and set a $3.00 target price (down previously from $8.00) on shares of MacroGenics in a research report on Wednesday, May 14th. Eight analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $6.13.

MacroGenics Stock Down 5.1%

NASDAQ MGNX opened at $1.49 on Tuesday. The stock’s 50-day moving average price is $1.51 and its 200-day moving average price is $2.57. MacroGenics has a 52 week low of $0.99 and a 52 week high of $5.77. The company has a market capitalization of $94.00 million, a P/E ratio of -0.94 and a beta of 2.20.

MacroGenics (NASDAQ:MGNX) last released its earnings results on Tuesday, May 13th. The biopharmaceutical company reported ($0.65) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.61) by ($0.04). MacroGenics had a negative return on equity of 89.42% and a negative net margin of 69.07%. The business had revenue of $13.19 million for the quarter, compared to analysts’ expectations of $9.59 million. Research analysts anticipate that MacroGenics will post -1.06 EPS for the current year.

Hedge Funds Weigh In On MacroGenics

Several institutional investors have recently added to or reduced their stakes in the company. Armistice Capital LLC grew its holdings in MacroGenics by 0.3% during the 1st quarter. Armistice Capital LLC now owns 6,296,000 shares of the biopharmaceutical company’s stock valued at $7,996,000 after buying an additional 20,000 shares in the last quarter. Wasatch Advisors LP grew its holdings in MacroGenics by 37.6% during the 4th quarter. Wasatch Advisors LP now owns 3,488,493 shares of the biopharmaceutical company’s stock valued at $11,338,000 after buying an additional 952,691 shares in the last quarter. Frazier Life Sciences Management L.P. grew its holdings in MacroGenics by 5.5% during the 4th quarter. Frazier Life Sciences Management L.P. now owns 3,175,665 shares of the biopharmaceutical company’s stock valued at $10,321,000 after buying an additional 164,938 shares in the last quarter. Acadian Asset Management LLC grew its holdings in MacroGenics by 78.8% during the 1st quarter. Acadian Asset Management LLC now owns 2,308,649 shares of the biopharmaceutical company’s stock valued at $2,923,000 after buying an additional 1,017,726 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings in MacroGenics by 1.9% during the 4th quarter. Geode Capital Management LLC now owns 1,433,217 shares of the biopharmaceutical company’s stock valued at $4,659,000 after buying an additional 26,341 shares in the last quarter. Hedge funds and other institutional investors own 96.89% of the company’s stock.

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.