MacroGenics (NASDAQ:MGNX) Shares Cross Above 50-Day Moving Average – Here’s What Happened

MacroGenics, Inc. (NASDAQ:MGNX)’s share price crossed above its fifty day moving average during trading on Wednesday . The stock has a fifty day moving average of $3.53 and traded as high as $4.30. MacroGenics shares last traded at $4.20, with a volume of 627,222 shares changing hands.

Analyst Ratings Changes

MGNX has been the subject of a number of research analyst reports. Citigroup reaffirmed a “market perform” rating on shares of MacroGenics in a research note on Tuesday, February 24th. Barclays raised their price objective on shares of MacroGenics from $4.00 to $6.00 and gave the company an “overweight” rating in a research note on Monday, April 20th. B. Riley Financial raised MacroGenics from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $3.00 to $9.00 in a report on Friday, April 10th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of MacroGenics in a research note on Friday, May 8th. Finally, Wall Street Zen upgraded MacroGenics from a “sell” rating to a “hold” rating in a research report on Saturday, March 14th. Three equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $5.50.

MacroGenics Trading Down 8.0%

The firm has a market capitalization of $248.52 million, a P/E ratio of -3.55 and a beta of 1.18. The business’s fifty day moving average is $3.58 and its 200 day moving average is $2.45.

MacroGenics (NASDAQ:MGNX) last issued its earnings results on Wednesday, May 13th. The biopharmaceutical company reported ($0.58) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.57) by ($0.01). The business had revenue of $20.78 million for the quarter, compared to the consensus estimate of $15.24 million. MacroGenics had a negative return on equity of 147.80% and a negative net margin of 44.79%. As a group, sell-side analysts predict that MacroGenics, Inc. will post -1.76 earnings per share for the current fiscal year.

Hedge Funds Weigh In On MacroGenics

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. JPMorgan Chase & Co. raised its holdings in MacroGenics by 64.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 755,245 shares of the biopharmaceutical company’s stock worth $1,269,000 after buying an additional 295,108 shares during the period. GSA Capital Partners LLP boosted its holdings in shares of MacroGenics by 740.5% in the fourth quarter. GSA Capital Partners LLP now owns 511,004 shares of the biopharmaceutical company’s stock worth $823,000 after buying an additional 450,203 shares during the period. Jefferies Financial Group Inc. purchased a new position in shares of MacroGenics in the fourth quarter worth approximately $2,964,000. Squarepoint Ops LLC increased its position in shares of MacroGenics by 595.0% in the third quarter. Squarepoint Ops LLC now owns 385,633 shares of the biopharmaceutical company’s stock worth $648,000 after acquiring an additional 330,150 shares in the last quarter. Finally, Quadrature Capital Ltd raised its holdings in shares of MacroGenics by 521.5% during the fourth quarter. Quadrature Capital Ltd now owns 265,465 shares of the biopharmaceutical company’s stock valued at $427,000 after acquiring an additional 222,751 shares during the period. Institutional investors and hedge funds own 96.89% of the company’s stock.

MacroGenics Company Profile

MacroGenics, Inc is a clinical-stage biopharmaceutical company focused on the discovery and development of monoclonal antibody–based therapeutics for the treatment of cancer and autoimmune diseases. The company leverages proprietary Fc engineering technologies to enhance immune engagement and extend the activity of its antibodies. Since its founding in 2000, MacroGenics has advanced several product candidates through clinical trials, most notably margetuximab, a HER2-targeted antibody designed to improve outcomes in patients with HER2-positive breast cancer.

Central to MacroGenics’ research platform are its ADAPTIR and Trident bispecific antibody technologies.