Zacks Investment Research upgraded shares of MacroGenics Inc. (NASDAQ:MGNX) from a hold rating to a buy rating in a research note issued to investors on Wednesday. The firm currently has $33.00 price objective on the biopharmaceutical company’s stock.
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 brokerages have also weighed in on MGNX. TheStreet upgraded MacroGenics from a sell rating to a hold rating in a research report on Friday, August 5th. Citigroup Inc. lowered MacroGenics from a buy rating to a neutral rating and lifted their price objective for the stock from $27.00 to $32.00 in a research report on Thursday, August 4th. Cowen and Company initiated coverage on MacroGenics in a research note on Wednesday, September 7th. They issued an outperform rating for the company. Oppenheimer Holdings Inc. restated a buy rating on shares of MacroGenics in a research note on Tuesday, June 14th. Finally, Morgan Stanley restated a hold rating on shares of MacroGenics in a research note on Thursday, June 30th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average price target of $36.57.
Shares of MacroGenics (NASDAQ:MGNX) opened at 26.87 on Wednesday. The company’s market capitalization is $933.28 million. MacroGenics has a one year low of $14.84 and a one year high of $36.11. The company has a 50-day moving average price of $30.04 and a 200 day moving average price of $26.08.
MacroGenics (NASDAQ:MGNX) last issued its quarterly earnings data on Wednesday, August 3rd. The biopharmaceutical company reported $1.12 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.02) by $1.14. The firm had revenue of $80.67 million for the quarter, compared to analyst estimates of $27.22 million. MacroGenics had a negative return on equity of 10.65% and a negative net margin of 31.77%. The business’s quarterly revenue was up 1100.4% compared to the same quarter last year. During the same period last year, the company earned ($0.71) EPS. Equities analysts anticipate that MacroGenics will post ($1.30) EPS for the current year.
In other news, CMO Jon Marc Wigginton sold 10,000 shares of the business’s stock in a transaction on Monday, October 3rd. The stock was sold at an average price of $29.34, for a total value of $293,400.00. Following the completion of the transaction, the chief marketing officer now owns 10,000 shares in the company, valued at $293,400. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Lynn Cilinski sold 6,231 shares of the business’s stock in a transaction on Monday, October 3rd. The stock was sold at an average price of $29.28, for a total value of $182,443.68. Following the completion of the transaction, the vice president now owns 8,154 shares of the company’s stock, valued at approximately $238,749.12. The disclosure for this sale can be found here. Company insiders own 6.78% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. FMR LLC boosted its position in MacroGenics by 40.6% in the second quarter. FMR LLC now owns 4,977,997 shares of the biopharmaceutical company’s stock valued at $134,356,000 after buying an additional 1,438,175 shares in the last quarter. BB Biotech AG acquired a new position in MacroGenics during the second quarter valued at $14,035,000. Point72 Asset Management L.P. boosted its position in MacroGenics by 9.6% in the second quarter. Point72 Asset Management L.P. now owns 2,554,900 shares of the biopharmaceutical company’s stock valued at $68,957,000 after buying an additional 224,700 shares in the last quarter. Cormorant Asset Management LLC boosted its position in MacroGenics by 40.0% in the first quarter. Cormorant Asset Management LLC now owns 700,000 shares of the biopharmaceutical company’s stock valued at $13,125,000 after buying an additional 200,000 shares in the last quarter. Finally, BVF Inc. IL acquired a new position in MacroGenics during the second quarter valued at $5,398,000. Hedge funds and other institutional investors own 80.97% of the company’s stock.
MacroGenics, Inc is a clinical-stage biopharmaceutical company focused on discovering and developing monoclonal antibody-based therapeutics for the treatment of cancer, as well as various autoimmune disorders and infectious diseases. The Company operates through developing monoclonal antibody-based therapeutics for cancer, autoimmune and infectious diseases segment.
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