MacroGenics (NASDAQ:MGNX) Given New $5.00 Price Target at Leerink Partners

MacroGenics (NASDAQ:MGNX) had its price objective reduced by Leerink Partners from $8.00 to $5.00 in a research report sent to investors on Friday,Benzinga reports. They currently have an outperform rating on the biopharmaceutical company’s stock.

Other equities research analysts have also recently issued research reports about the company. Stifel Nicolaus reduced their price objective on MacroGenics from $6.00 to $5.00 and set a “hold” rating for the company in a research note on Wednesday, May 14th. Barclays reissued an “overweight” rating and issued a $3.00 price objective (down previously from $8.00) on shares of MacroGenics in a research note on Wednesday, May 14th. B. Riley dropped their target price on MacroGenics from $5.00 to $3.00 and set a “neutral” rating on the stock in a report on Tuesday, May 20th. Finally, Wall Street Zen cut MacroGenics from a “hold” rating to a “sell” rating in a research report on Saturday, August 2nd. One investment analyst has rated the stock with a sell rating, four have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $3.60.

MacroGenics Stock Performance

Shares of MGNX stock opened at $1.58 on Friday. The company has a market cap of $99.68 million, a P/E ratio of -2.77 and a beta of 1.65. The stock has a 50 day simple moving average of $1.51 and a two-hundred day simple moving average of $1.75. MacroGenics has a fifty-two week low of $0.99 and a fifty-two week high of $5.10.

MacroGenics (NASDAQ:MGNX) last issued its earnings results on Thursday, August 14th. The biopharmaceutical company reported ($0.57) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.59) by $0.02. The business had revenue of $22.24 million during the quarter, compared to the consensus estimate of $28.06 million. MacroGenics had a negative return on equity of 34.64% and a negative net margin of 21.99%. On average, research analysts predict that MacroGenics will post -1.06 earnings per share for the current year.

Institutional Trading of MacroGenics

Several hedge funds have recently made changes to their positions in the company. Rangeley Capital LLC bought a new stake in shares of MacroGenics in the second quarter valued at $33,000. EcoR1 Capital LLC bought a new stake in shares of MacroGenics in the second quarter valued at $1,939,000. Engineers Gate Manager LP bought a new stake in shares of MacroGenics in the second quarter valued at $28,000. Bridgeway Capital Management LLC raised its stake in shares of MacroGenics by 16.1% in the second quarter. Bridgeway Capital Management LLC now owns 133,700 shares of the biopharmaceutical company’s stock valued at $162,000 after buying an additional 18,500 shares during the period. Finally, Ameriprise Financial Inc. raised its stake in shares of MacroGenics by 99.8% in the second quarter. Ameriprise Financial Inc. now owns 104,751 shares of the biopharmaceutical company’s stock valued at $127,000 after buying an additional 52,326 shares during the period. 96.89% of the stock is currently owned by 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.