MacroGenics (NASDAQ:MGNX) Stock Rating Upgraded by B. Riley Financial

MacroGenics (NASDAQ:MGNX) was upgraded by investment analysts at B. Riley Financial from a “neutral” rating to a “buy” rating in a research note issued on Friday, MarketBeat.com reports. The brokerage presently has a $9.00 price objective on the biopharmaceutical company’s stock, up from their prior price objective of $3.00. B. Riley Financial’s price objective points to a potential upside of 150.00% from the company’s previous close.

Several other analysts have also recently commented on the stock. Zacks Research cut shares of MacroGenics from a “strong-buy” rating to a “hold” rating in a research note on Thursday, January 1st. Wall Street Zen raised shares of MacroGenics from a “sell” rating to a “hold” rating in a research note on Saturday, March 14th. Weiss Ratings reissued a “sell (d-)” rating on shares of MacroGenics in a research note on Monday, December 22nd. Citigroup reissued a “market perform” rating on shares of MacroGenics in a research note on Tuesday, February 24th. Finally, Barclays increased their price target on shares of MacroGenics from $3.00 to $4.00 and gave the company an “overweight” rating in a research note on Tuesday, March 10th. Three analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $5.00.

MacroGenics Price Performance

MacroGenics stock opened at $3.60 on Friday. The firm has a market cap of $228.82 million, a price-to-earnings ratio of -3.08 and a beta of 1.09. MacroGenics has a fifty-two week low of $1.10 and a fifty-two week high of $3.88. The firm has a fifty day moving average price of $2.45 and a two-hundred day moving average price of $1.91.

MacroGenics (NASDAQ:MGNX) last released its earnings results on Monday, March 9th. The biopharmaceutical company reported ($0.22) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.42) by $0.20. The firm had revenue of $41.23 million during the quarter, compared to analyst estimates of $27.81 million. MacroGenics had a negative net margin of 49.91% and a negative return on equity of 120.19%. As a group, sell-side analysts expect that MacroGenics will post -1.06 earnings per share for the current year.

Institutional Investors Weigh In On MacroGenics

Several large investors have recently made changes to their positions in MGNX. Jefferies Financial Group Inc. bought a new position in shares of MacroGenics in the 4th quarter valued at about $2,964,000. EcoR1 Capital LLC bought a new stake in shares of MacroGenics during the 2nd quarter worth about $1,939,000. Renaissance Technologies LLC boosted its holdings in shares of MacroGenics by 71.0% during the 4th quarter. Renaissance Technologies LLC now owns 2,908,631 shares of the biopharmaceutical company’s stock worth $4,683,000 after buying an additional 1,207,408 shares during the period. Marshall Wace LLP boosted its holdings in shares of MacroGenics by 104.0% during the 4th quarter. Marshall Wace LLP now owns 1,284,563 shares of the biopharmaceutical company’s stock worth $2,068,000 after buying an additional 655,028 shares during the period. Finally, Jane Street Group LLC boosted its holdings in shares of MacroGenics by 207.7% during the 2nd quarter. Jane Street Group LLC now owns 758,204 shares of the biopharmaceutical company’s stock worth $917,000 after buying an additional 511,777 shares during the period. Institutional investors own 96.89% of the company’s stock.

MacroGenics Company Profile

MacroGenics, Inc is a clinical-stage biopharmaceutical company focused on the discovery and development of monoclonal antibody–based therapeutics for the treatment of cancer and autoimmune diseases. The company leverages proprietary Fc engineering technologies to enhance immune engagement and extend the activity of its antibodies. Since its founding in 2000, MacroGenics has advanced several product candidates through clinical trials, most notably margetuximab, a HER2-targeted antibody designed to improve outcomes in patients with HER2-positive breast cancer.

Central to MacroGenics’ research platform are its ADAPTIR and Trident bispecific antibody technologies.