MacroGenics (NASDAQ:MGNX) Now Covered by Analysts at Barclays

Barclays initiated coverage on shares of MacroGenics (NASDAQ:MGNX) in a research note released on Wednesday, Marketbeat reports. The brokerage issued an overweight rating and a $3.00 price target on the biopharmaceutical company’s stock.

A number of other brokerages also recently commented on MGNX. Wall Street Zen downgraded shares of MacroGenics from a “hold” rating to a “sell” rating in a research note on Saturday, August 2nd. B. Riley cut their target price on shares of MacroGenics from $5.00 to $3.00 and set a “neutral” rating on the stock in a research note on Tuesday, May 20th. Finally, Leerink Partners cut their target price on shares of MacroGenics from $8.00 to $5.00 and set an “outperform” rating on the stock in a research note on Friday, August 15th. Two research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $3.60.

MacroGenics Stock Up 4.1%

NASDAQ:MGNX opened at $1.53 on Wednesday. The company has a market cap of $96.71 million, a P/E ratio of -2.68 and a beta of 1.63. MacroGenics has a fifty-two week low of $0.99 and a fifty-two week high of $5.10. The firm’s 50 day moving average is $1.63 and its two-hundred day moving average is $1.59.

MacroGenics (NASDAQ:MGNX) last posted its quarterly earnings results on Thursday, August 14th. The biopharmaceutical company reported ($0.57) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.59) by $0.02. The company had revenue of $22.24 million for the quarter, compared to the consensus estimate of $28.06 million. MacroGenics had a negative net margin of 21.99% and a negative return on equity of 40.24%. Research analysts forecast that MacroGenics will post -1.06 earnings per share for the current fiscal year.

Insider Buying and Selling at MacroGenics

In related news, Director William K. Heiden bought 49,500 shares of the company’s stock in a transaction dated Wednesday, August 20th. The stock was bought at an average price of $1.49 per share, with a total value of $73,755.00. Following the transaction, the director owned 111,000 shares of the company’s stock, valued at approximately $165,390. This trade represents a 80.49% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 13.00% of the company’s stock.

Institutional Investors Weigh In On MacroGenics

Several hedge funds and other institutional investors have recently modified their holdings of MGNX. Bank of America Corp DE increased its position in shares of MacroGenics by 41.5% in the 4th quarter. Bank of America Corp DE now owns 201,151 shares of the biopharmaceutical company’s stock worth $654,000 after purchasing an additional 59,005 shares during the last quarter. Lazard Asset Management LLC acquired a new position in shares of MacroGenics in the 4th quarter valued at about $32,000. ProShare Advisors LLC boosted its holdings in shares of MacroGenics by 32.4% in the 4th quarter. ProShare Advisors LLC now owns 20,284 shares of the biopharmaceutical company’s stock valued at $66,000 after buying an additional 4,963 shares during the period. Two Sigma Advisers LP boosted its holdings in shares of MacroGenics by 7.1% in the 4th quarter. Two Sigma Advisers LP now owns 1,118,600 shares of the biopharmaceutical company’s stock valued at $3,635,000 after buying an additional 74,596 shares during the period. Finally, Frazier Life Sciences Management L.P. boosted its holdings in shares of MacroGenics by 5.5% in 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 during the period. 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.