Analysts Set MacroGenics, Inc. (NASDAQ:MGNX) Target Price at $8.00

Shares of MacroGenics, Inc. (NASDAQ:MGNX) have been given a consensus rating of “Hold” by the ten research firms that are covering the firm, Marketbeat reports. Seven equities research analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $8.11.

A number of research firms have weighed in on MGNX. Guggenheim cut MacroGenics from a “buy” rating to a “neutral” rating in a research note on Wednesday, July 31st. HC Wainwright restated a “neutral” rating and set a $4.00 target price on shares of MacroGenics in a research note on Thursday, August 1st. BMO Capital Markets lowered their price target on MacroGenics from $8.00 to $5.00 and set a “market perform” rating for the company in a report on Wednesday, August 7th. Barclays cut their price objective on shares of MacroGenics from $14.00 to $9.00 and set an “overweight” rating on the stock in a report on Monday, July 29th. Finally, BTIG Research downgraded shares of MacroGenics from a “buy” rating to a “neutral” rating in a research report on Thursday, August 1st.

MacroGenics Price Performance

MGNX stock opened at $3.23 on Monday. MacroGenics has a 1 year low of $3.14 and a 1 year high of $21.88. The firm has a market capitalization of $202.30 million, a P/E ratio of -8.28 and a beta of 2.09. The business’s 50-day moving average is $4.36 and its two-hundred day moving average is $10.47.

MacroGenics (NASDAQ:MGNX) last posted its quarterly earnings results on Tuesday, August 6th. The biopharmaceutical company reported ($0.89) EPS for the quarter, missing the consensus estimate of ($0.47) by ($0.42). MacroGenics had a negative return on equity of 98.01% and a negative net margin of 53.60%. The firm had revenue of $10.80 million for the quarter, compared to analyst estimates of $24.14 million. On average, analysts expect that MacroGenics will post -2.19 EPS for the current year.

Institutional Investors Weigh In On MacroGenics

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Avoro Capital Advisors LLC purchased a new position in shares of MacroGenics during the first quarter worth about $90,528,000. Armistice Capital LLC increased its holdings in shares of MacroGenics by 150.0% in the second quarter. Armistice Capital LLC now owns 6,000,000 shares of the biopharmaceutical company’s stock valued at $25,500,000 after purchasing an additional 3,600,000 shares during the period. Millennium Management LLC raised its stake in shares of MacroGenics by 3,473.7% during the second quarter. Millennium Management LLC now owns 3,312,672 shares of the biopharmaceutical company’s stock worth $14,079,000 after purchasing an additional 3,219,977 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of 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 worth $35,889,000 after purchasing an additional 2,409,237 shares during the period. Finally, Marshall Wace LLP grew its position in MacroGenics by 1,689.3% in the 2nd quarter. Marshall Wace LLP now owns 658,007 shares of the biopharmaceutical company’s stock valued at $2,797,000 after buying an additional 621,232 shares during the last quarter. 96.89% of the stock is owned by hedge funds and other institutional investors.

MacroGenics Company Profile

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.