MacroGenics (NASDAQ:MGNX) Stock Rating Cut to “Sell” at Wall Street Zen

MacroGenics (NASDAQ:MGNX) was downgraded by analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued on Saturday, Wall Street Zen reports.

MGNX has been the subject of a number of other reports. Citigroup started coverage on MacroGenics in a research note on Friday, October 23rd. They issued a “positive” rating for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of MacroGenics in a report on Tuesday, November 3rd. Finally, B. Riley Financial lifted their price target on shares of MacroGenics from $9.00 to $11.00 and gave the stock a “buy” rating in a research report on Monday, August 17th. Three investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $8.50.

MacroGenics Trading Down 3.9%

NASDAQ:MGNX opened at $2.20 on Friday. MacroGenics has a 1-year low of $1.32 and a 1-year high of $5.08. The business’s 50-day moving average price is $3.33 and its two-hundred day moving average price is $3.43. The firm has a market capitalization of $140.14 million, a price-to-earnings ratio of -2.72 and a beta of 1.33.

MacroGenics (NASDAQ:MGNX) last issued its earnings results on Thursday, August 13th. The biopharmaceutical company reported $0.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.39. The firm had revenue of $32.83 million for the quarter, compared to analysts’ expectations of $59.14 million. MacroGenics had a negative return on equity of 223.84% and a negative net margin of 45.37%. Sell-side analysts predict that MacroGenics will post -1.14 earnings per share for the current year.

Insider Buying and Selling at MacroGenics

In other news, VP Jeffrey Peters sold 31,105 shares of the firm’s stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $4.15, for a total transaction of $129,085.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 13.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On MacroGenics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MGNX. BlackRock Inc. acquired a new position in shares of MacroGenics during the 2nd quarter worth about $21,618,000. Renaissance Technologies LLC increased its position in shares of MacroGenics by 1.9% during the 1st quarter. Renaissance Technologies LLC now owns 2,963,559 shares of the biopharmaceutical company’s stock worth $8,565,000 after purchasing an additional 54,928 shares during the last quarter. Bank of America Corp DE acquired a new position in shares of MacroGenics during the 2nd quarter worth approximately $11,496,000. Wasatch Advisors LP raised its stake in shares of MacroGenics by 29.4% during the 2nd quarter. Wasatch Advisors LP now owns 2,018,881 shares of the biopharmaceutical company’s stock worth $9,327,000 after purchasing an additional 459,180 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of MacroGenics during the 2nd quarter worth approximately $4,622,000. 96.89% of the stock is currently owned by institutional investors and hedge funds.

About MacroGenics

MacroGenics, Inc. is a biotechnology company focused on discovering and developing antibody-based medicines, primarily for cancer. Founded in 2000 and headquartered in Rockville, Maryland, the company works on its own drug candidates and collaborates with other pharmaceutical and biotechnology companies. Its research uses antibody-engineering technologies, including platforms designed to engage immune cells against tumors and to deliver therapeutic payloads to cancer cells. MacroGenics’ portfolio has included margetuximab, marketed as Margenza, an antibody treatment approved in the United States for certain patients with HER2-positive metastatic breast cancer.