MacroGenics (NASDAQ:MGNX) Shares Pass Above 50-Day Moving Average – What’s Next?

MacroGenics, Inc. (NASDAQ:MGNX) passed above its 50-day moving average during trading on Wednesday . The stock has a 50-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.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on MGNX. Weiss Ratings restated a “sell (d-)” rating on shares of MacroGenics in a research note on Friday, May 8th. Wall Street Zen upgraded MacroGenics from a “sell” rating to a “hold” rating in a research note on Saturday, March 14th. Barclays boosted their target price on MacroGenics from $4.00 to $6.00 and gave the stock an “overweight” rating in a research note on Monday, April 20th. Citigroup restated a “market perform” rating on shares of MacroGenics in a research note on Tuesday, February 24th. Finally, B. Riley Financial upgraded 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 research note on Friday, April 10th. Three research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $5.50.

MacroGenics Stock Up 3.7%

The firm has a 50 day moving average of $3.53 and a 200 day moving average of $2.43. The firm has a market cap of $266.95 million, a PE ratio of -3.82 and a beta of 1.18.

MacroGenics (NASDAQ:MGNX) last posted its quarterly earnings data on Wednesday, May 13th. The biopharmaceutical company reported ($0.58) EPS for the quarter, missing the consensus estimate of ($0.57) by ($0.01). MacroGenics had a negative net margin of 44.79% and a negative return on equity of 147.80%. The firm had revenue of $20.78 million during the quarter, compared to analysts’ expectations of $15.24 million. On average, research analysts anticipate that MacroGenics, Inc. will post -1.58 EPS for the current year.

Hedge Funds Weigh In On MacroGenics

Several institutional investors have recently bought and sold shares of the company. Armistice Capital LLC lifted its stake in MacroGenics by 6.1% in the fourth quarter. Armistice Capital LLC now owns 6,324,000 shares of the biopharmaceutical company’s stock valued at $10,182,000 after purchasing an additional 364,000 shares during the last quarter. Vanguard Group Inc. lifted its stake in MacroGenics by 0.3% in the third quarter. Vanguard Group Inc. now owns 4,224,234 shares of the biopharmaceutical company’s stock valued at $7,097,000 after purchasing an additional 11,120 shares during the last quarter. Renaissance Technologies LLC lifted its stake in MacroGenics by 1.9% in the first quarter. Renaissance Technologies LLC now owns 2,963,559 shares of the biopharmaceutical company’s stock valued at $8,565,000 after purchasing an additional 54,928 shares during the last quarter. Bank of America Corp DE lifted its stake in MacroGenics by 30.7% in the first quarter. Bank of America Corp DE now owns 2,401,814 shares of the biopharmaceutical company’s stock valued at $6,941,000 after purchasing an additional 564,094 shares during the last quarter. Finally, Millennium Management LLC lifted its stake in MacroGenics by 5.0% in the third quarter. Millennium Management LLC now owns 2,116,870 shares of the biopharmaceutical company’s stock valued at $3,556,000 after purchasing an additional 101,006 shares during the last quarter. Hedge funds and other institutional investors 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.