MacroGenics (MGNX) Downgraded to Hold at Zacks Investment Research

Zacks Investment Research cut shares of MacroGenics (NASDAQ:MGNX) from a buy rating to a hold rating in a report issued on Saturday.

According to Zacks, “MacroGenics Inc. is a biopharmaceutical company. It is focused on discovering and developing innovative monoclonal antibody-based therapeutics. The Company has a diverse portfolio of product candidates focused in three therapeutic areas: oncology, autoimmune disorders and infectious diseases. MacroGenics Inc. is headquartered in Rockville, Maryland. “

A number of other research firms have also weighed in on MGNX. Cowen restated a buy rating on shares of MacroGenics in a research note on Wednesday. BidaskClub lowered shares of MacroGenics from a hold rating to a sell rating in a research note on Saturday, August 4th. ValuEngine lowered shares of MacroGenics from a buy rating to a hold rating in a research note on Tuesday, June 5th. HC Wainwright restated a buy rating and set a $34.00 price objective on shares of MacroGenics in a research note on Wednesday. Finally, TheStreet lowered shares of MacroGenics from a c rating to a d+ rating in a research note on Wednesday, May 23rd. Four equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. MacroGenics currently has a consensus rating of Buy and an average target price of $30.67.

Shares of MacroGenics stock traded up $0.37 during trading on Friday, hitting $21.33. The company’s stock had a trading volume of 147,503 shares, compared to its average volume of 207,194. MacroGenics has a 52 week low of $15.33 and a 52 week high of $32.74.

MacroGenics (NASDAQ:MGNX) last issued its quarterly earnings results on Tuesday, August 7th. The biopharmaceutical company reported ($1.03) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($1.20) by $0.17. The company had revenue of $18.83 million during the quarter, compared to analyst estimates of $4.41 million. MacroGenics had a negative net margin of 19.20% and a negative return on equity of 13.01%. equities research analysts expect that MacroGenics will post -4.72 earnings per share for the current fiscal year.

Several hedge funds have recently made changes to their positions in the company. Citadel Advisors LLC increased its holdings in MacroGenics by 76.9% in the 1st quarter. Citadel Advisors LLC now owns 99,130 shares of the biopharmaceutical company’s stock worth $2,494,000 after buying an additional 43,101 shares during the period. Deutsche Bank AG lifted its holdings in MacroGenics by 83.3% in the 4th quarter. Deutsche Bank AG now owns 221,852 shares of the biopharmaceutical company’s stock valued at $4,213,000 after purchasing an additional 100,834 shares in the last quarter. MetLife Investment Advisors LLC purchased a new position in MacroGenics in the 4th quarter valued at $281,000. Stifel Financial Corp increased its stake in shares of MacroGenics by 18.1% in the 1st quarter. Stifel Financial Corp now owns 19,766 shares of the biopharmaceutical company’s stock worth $500,000 after acquiring an additional 3,033 shares during the last quarter. Finally, Landscape Capital Management L.L.C. acquired a new stake in shares of MacroGenics in the 1st quarter worth $1,197,000. Hedge funds and other institutional investors own 89.51% of the company’s stock.

MacroGenics Company Profile

MacroGenics, Inc, a biopharmaceutical company, focuses on the discovery and development of antibody-based therapeutics for the treatment of cancer primarily by modulating the human immune system, as well as various autoimmune disorders and infectious diseases in the United States. The company's advanced clinical product candidate is Margetuximab, a monoclonal antibody, which is in Phase III clinical trial that targets human epidermal growth factor receptor 2-expressing tumors, such as various breast and gastroesophageal cancers.

Further Reading: What is a Leveraged Buyout (LBO)?

Get a free copy of the Zacks research report on MacroGenics (MGNX)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for MacroGenics (NASDAQ:MGNX)

Receive News & Ratings for MacroGenics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for MacroGenics and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply