MacroGenics, Inc. $MGNX Stock Bought by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. grew its stake in shares of MacroGenics, Inc. (NASDAQ:MGNX) by 154.7% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 647,713 shares of the biopharmaceutical company’s stock after buying an additional 393,412 shares during the period. Pinnacle Associates Ltd. owned 1.02% of MacroGenics worth $2,500,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Sanders Morris Harris LLC purchased a new stake in MacroGenics during the third quarter valued at about $48,000. Spark Investment Management LLC acquired a new stake in MacroGenics during the second quarter worth about $79,000. Velan Capital Investment Management LP increased its stake in MacroGenics by 100.0% during the second quarter. Velan Capital Investment Management LP now owns 60,000 shares of the biopharmaceutical company’s stock worth $277,000 after acquiring an additional 30,000 shares during the last quarter. Headlands Technologies LLC raised its holdings in shares of MacroGenics by 108.7% in the 2nd quarter. Headlands Technologies LLC now owns 99,188 shares of the biopharmaceutical company’s stock worth $458,000 after purchasing an additional 51,657 shares during the period. Finally, Susquehanna Fundamental Investments LLC purchased a new position in shares of MacroGenics in the 2nd quarter worth about $138,000. 96.89% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at MacroGenics

In related news, VP Jeffrey Peters sold 31,105 shares of the stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $4.15, for a total value of $129,085.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 13.60% of the company’s stock.

Wall Street Analysts Forecast Growth

MGNX has been the topic of several research analyst reports. Citigroup initiated coverage on MacroGenics in a research note on Friday. They issued a “positive” rating on the stock. B. Riley Financial boosted their target price on MacroGenics from $9.00 to $11.00 and gave the stock a “buy” rating in a report on Monday, August 17th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of MacroGenics in a research report on Wednesday, August 5th. Three research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, MacroGenics presently has an average rating of “Hold” and a consensus price target of $6.33.

MacroGenics Price Performance

Shares of MGNX stock opened at $2.25 on Friday. The company’s fifty day moving average price is $3.87 and its two-hundred day moving average price is $3.94. The firm has a market capitalization of $143.32 million, a P/E ratio of -10.23 and a beta of 1.20. MacroGenics, Inc. has a 12 month low of $1.29 and a 12 month high of $5.08.

MacroGenics (NASDAQ:MGNX) last announced its earnings results on Thursday, August 13th. The biopharmaceutical company reported $0.31 earnings per share for the quarter, beating the consensus estimate of ($0.08) by $0.39. MacroGenics had a negative return on equity of 109.26% and a negative net margin of 8.70%. The company had revenue of $32.83 million during the quarter, compared to the consensus estimate of $59.14 million. On average, sell-side analysts anticipate that MacroGenics, Inc. will post -1.14 EPS for the current year.

MacroGenics Company Profile

MacroGenics, Inc is a biopharmaceutical company focused on developing antibody-based therapies for cancer and immune-mediated diseases. Headquartered in Rockville, Maryland, the company uses its proprietary DART platform and other antibody technologies to create treatments designed to modulate immune responses and target disease-associated cells.

MacroGenics’ portfolio includes MARGENZA (margetuximab-cmkb), an antibody therapy approved in the United States for certain patients with HER2-positive metastatic breast cancer.