MacroGenics (NASDAQ:MGNX) Price Target Cut to $9.00 by Analysts at Barclays

MacroGenics (NASDAQ:MGNX) had its price objective decreased by Barclays from $14.00 to $9.00 in a report issued on Monday, Benzinga reports. The firm currently has an “overweight” rating on the biopharmaceutical company’s stock. Barclays‘s price target would suggest a potential upside of 65.14% from the company’s current price.

A number of other analysts have also commented on MGNX. HC Wainwright reduced their price objective on shares of MacroGenics from $16.00 to $4.00 and set a “neutral” rating for the company in a research note on Monday, May 13th. B. Riley began coverage on shares of MacroGenics in a research note on Friday, April 26th. They set a “buy” rating and a $25.00 price objective for the company. BMO Capital Markets lowered shares of MacroGenics from an “outperform” rating to a “market perform” rating and reduced their price objective for the company from $24.00 to $8.00 in a research note on Friday, May 10th. JMP Securities reduced their price objective on shares of MacroGenics from $22.00 to $16.00 and set a “market outperform” rating for the company in a research note on Friday, May 10th. Finally, BTIG Research reduced their price target on shares of MacroGenics from $24.00 to $9.00 and set a “buy” rating for the company in a research report on Friday, May 24th. Five analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, MacroGenics presently has a consensus rating of “Moderate Buy” and a consensus target price of $11.44.

MacroGenics Stock Performance

NASDAQ MGNX traded down $0.10 on Monday, reaching $5.45. The company’s stock had a trading volume of 180,282 shares, compared to its average volume of 1,836,536. MacroGenics has a twelve month low of $3.14 and a twelve month high of $21.88. The stock has a market cap of $341.33 million, a PE ratio of -13.95 and a beta of 2.08. The firm’s 50 day moving average is $4.56 and its two-hundred day moving average is $11.34.

MacroGenics (NASDAQ:MGNX) last issued its quarterly earnings results on Thursday, May 9th. The biopharmaceutical company reported ($0.84) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.67) by ($0.17). MacroGenics had a negative net margin of 53.60% and a negative return on equity of 98.01%. The business had revenue of $9.10 million during the quarter, compared to analyst estimates of $13.63 million. Equities research analysts anticipate that MacroGenics will post -3.04 EPS for the current fiscal year.

Hedge Funds Weigh In On MacroGenics

Hedge funds have recently added to or reduced their stakes in the company. Avoro Capital Advisors LLC acquired a new position in MacroGenics during the first quarter valued at approximately $90,528,000. Price T Rowe Associates Inc. MD grew its holdings in MacroGenics by 8,361.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,438,050 shares of the biopharmaceutical company’s stock valued at $35,889,000 after purchasing an additional 2,409,237 shares during the last quarter. Perceptive Advisors LLC acquired a new position in MacroGenics during the fourth quarter valued at approximately $5,887,000. Frazier Life Sciences Management L.P. grew its holdings in MacroGenics by 33.2% during the fourth quarter. Frazier Life Sciences Management L.P. now owns 2,401,704 shares of the biopharmaceutical company’s stock valued at $23,104,000 after purchasing an additional 598,500 shares during the last quarter. Finally, Bellevue Group AG grew its holdings in MacroGenics by 1.5% during the fourth quarter. Bellevue Group AG now owns 9,953,313 shares of the biopharmaceutical company’s stock valued at $95,751,000 after purchasing an additional 150,000 shares during the last quarter. Institutional investors and hedge funds 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.