MacroGenics (MGNX) Shares Down 5.2%

MacroGenics Inc (NASDAQ:MGNX) shares fell 5.2% during mid-day trading on Wednesday . The company traded as low as $12.82 and last traded at $12.83. 641,607 shares traded hands during mid-day trading, an increase of 22% from the average session volume of 525,073 shares. The stock had previously closed at $13.53.

A number of research firms have issued reports on MGNX. ValuEngine lowered shares of MacroGenics from a “buy” rating to a “hold” rating in a report on Tuesday, December 18th. BidaskClub upgraded shares of MacroGenics from a “strong sell” rating to a “sell” rating in a report on Thursday, December 13th. Morgan Stanley set a $21.00 target price on shares of MacroGenics and gave the company a “hold” rating in a report on Monday, December 10th. Raymond James lowered shares of MacroGenics from an “outperform” rating to an “underperform” rating in a report on Monday, December 10th. Finally, HC Wainwright set a $34.00 price objective on shares of MacroGenics and gave the stock a “buy” rating in a report on Wednesday, December 5th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and eight have issued a buy rating to the company. The company has an average rating of “Buy” and an average price target of $30.29.

The firm has a market capitalization of $570.92 million, a price-to-earnings ratio of -23.76 and a beta of 2.55.

MacroGenics (NASDAQ:MGNX) last announced its quarterly earnings data on Wednesday, November 7th. The biopharmaceutical company reported ($0.81) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($1.29) by $0.48. The business had revenue of $20.80 million for the quarter, compared to analyst estimates of $6.18 million. MacroGenics had a negative net margin of 10.72% and a negative return on equity of 7.39%. On average, sell-side analysts forecast that MacroGenics Inc will post -4.18 earnings per share for the current fiscal year.

Several hedge funds have recently made changes to their positions in MGNX. Verition Fund Management LLC purchased a new position in shares of MacroGenics during the 3rd quarter worth about $202,000. Keybank National Association OH acquired a new stake in MacroGenics during the 3rd quarter worth approximately $203,000. Hussman Strategic Advisors Inc. acquired a new stake in MacroGenics during the 3rd quarter worth approximately $214,000. Dynamic Technology Lab Private Ltd acquired a new stake in MacroGenics during the 3rd quarter worth approximately $250,000. Finally, Bailard Inc. acquired a new stake in MacroGenics during the 3rd quarter worth approximately $270,000. Institutional investors and hedge funds own 86.97% of the company’s stock.

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About MacroGenics (NASDAQ:MGNX)

MacroGenics, Inc, a biopharmaceutical company, discovers and develops antibody-based therapeutics for the treatment of cancer primarily by modulating the human immune system, and 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.

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