MacroGenics Inc. (MGNX) Upgraded to Buy by Zacks Investment Research
Zacks Investment Research upgraded shares of MacroGenics Inc. (NASDAQ:MGNX) from a hold rating to a buy rating in a research report sent to investors on Wednesday morning. The firm currently has $33.00 target price 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 equities research analysts also recently weighed in on MGNX. TheStreet raised MacroGenics from a sell rating to a hold rating in a report on Friday, August 5th. Cowen and Company assumed coverage on MacroGenics in a report on Wednesday, September 7th. They set an outperform rating for the company. Citigroup Inc. downgraded MacroGenics from a buy rating to a neutral rating and lifted their target price for the stock from $27.00 to $32.00 in a report on Thursday, August 4th. Oppenheimer Holdings Inc. reissued a buy rating on shares of MacroGenics in a report on Tuesday, June 14th. Finally, Morgan Stanley reaffirmed 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 assigned a buy rating to the company’s stock. MacroGenics currently has a consensus rating of Buy and an average target price of $36.57.
MacroGenics (NASDAQ:MGNX) opened at 26.87 on Wednesday. MacroGenics has a 1-year low of $14.84 and a 1-year high of $36.11. The firm’s market capitalization is $933.28 million. The company’s 50-day moving average is $30.04 and its 200 day moving average is $26.08.
MacroGenics (NASDAQ:MGNX) last posted its earnings results 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. MacroGenics had a negative return on equity of 10.65% and a negative net margin of 31.77%. The company earned $80.67 million during the quarter, compared to the consensus estimate of $27.22 million. During the same quarter last year, the firm earned ($0.71) earnings per share. The company’s revenue was up 1100.4% on a year-over-year basis. On average, equities analysts expect that MacroGenics will post ($1.30) EPS for the current fiscal year.
In other news, VP Lynn Cilinski sold 6,231 shares of the business’s stock in a transaction dated Monday, October 3rd. The stock was sold at an average price of $29.28, for a total transaction of $182,443.68. Following the sale, the vice president now directly owns 8,154 shares in the company, valued at $238,749.12. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CMO Jon Marc Wigginton sold 10,000 shares of the business’s stock in a transaction dated Monday, October 3rd. The stock was sold at an average price of $29.34, for a total value of $293,400.00. Following the sale, the chief marketing officer now owns 10,000 shares in the company, valued at $293,400. The disclosure for this sale can be found here. Insiders own 6.78% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in MGNX. Teachers Advisors Inc. boosted its stake in shares of MacroGenics by 6.9% in the first quarter. Teachers Advisors Inc. now owns 226,174 shares of the biopharmaceutical company’s stock valued at $4,241,000 after buying an additional 14,600 shares during the last quarter. BlackRock Fund Advisors boosted its stake in shares of MacroGenics by 1.6% in the first quarter. BlackRock Fund Advisors now owns 1,267,943 shares of the biopharmaceutical company’s stock valued at $23,774,000 after buying an additional 19,873 shares during the last quarter. Jacobs Levy Equity Management Inc. bought a new stake in shares of MacroGenics during the first quarter valued at approximately $1,555,000. Bellevue Group AG bought a new stake in shares of MacroGenics during the first quarter valued at approximately $1,556,000. Finally, Cormorant Asset Management LLC boosted its stake in shares of 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 during the last quarter. 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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