Brokerages Set MacroGenics, Inc. (NASDAQ:MGNX) Price Target at $5.50

Shares of MacroGenics, Inc. (NASDAQ:MGNX) have been given a consensus rating of “Hold” by the seven ratings firms that are currently covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating on the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $5.50.

MGNX has been the subject of a number of analyst reports. B. Riley Financial raised shares of MacroGenics from a “neutral” rating to a “buy” rating and upped their price objective for the company from $3.00 to $9.00 in a report on Friday, April 10th. Barclays upped their price objective on shares of MacroGenics from $4.00 to $6.00 and gave the company an “overweight” rating in a report on Monday, April 20th. Wall Street Zen raised shares of MacroGenics from a “sell” rating to a “hold” rating in a report on Saturday, March 14th. Weiss Ratings reissued a “sell (d-)” rating on shares of MacroGenics in a report on Friday, May 8th. Finally, Citigroup reissued a “market perform” rating on shares of MacroGenics in a report on Tuesday, February 24th.

MacroGenics Trading Down 1.3%

Shares of MGNX opened at $4.47 on Wednesday. MacroGenics has a 12-month low of $1.18 and a 12-month high of $4.64. The firm has a 50-day moving average price of $3.39 and a 200 day moving average price of $2.31. The firm has a market capitalization of $284.11 million, a P/E ratio of -4.06 and a beta of 1.08.

MacroGenics (NASDAQ:MGNX) last announced its quarterly earnings data on Wednesday, May 13th. The biopharmaceutical company reported ($0.58) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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. Equities research analysts predict that MacroGenics will post -1.58 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Bank of America Corp DE boosted its stake in MacroGenics by 30.7% during the first quarter. Bank of America Corp DE now owns 2,401,814 shares of the biopharmaceutical company’s stock worth $6,941,000 after buying an additional 564,094 shares during the period. ADAR1 Capital Management LLC purchased a new position in MacroGenics during the first quarter worth about $116,000. OMERS ADMINISTRATION Corp purchased a new position in MacroGenics during the first quarter worth about $144,000. Affinity Asset Advisors LLC boosted its stake in MacroGenics by 3.2% during the first quarter. Affinity Asset Advisors LLC now owns 500,000 shares of the biopharmaceutical company’s stock worth $1,445,000 after buying an additional 15,692 shares during the period. Finally, Renaissance Technologies LLC boosted its stake in MacroGenics by 1.9% during the first quarter. Renaissance Technologies LLC now owns 2,963,559 shares of the biopharmaceutical company’s stock worth $8,565,000 after buying an additional 54,928 shares during the period. 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.