MacroGenics (MGNX) Cut to Hold at Zacks Investment Research

Zacks Investment Research lowered shares of MacroGenics (NASDAQ:MGNX) from a buy rating to a hold rating in a research report released on Wednesday.

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 analysts also recently issued reports on the company. Wedbush reissued an outperform rating and set a $44.00 target price on shares of MacroGenics in a research note on Tuesday. HC Wainwright set a $34.00 target price on MacroGenics and gave the stock a buy rating in a research note on Tuesday. ValuEngine raised MacroGenics from a sell rating to a hold rating in a research note on Wednesday, May 2nd. Leerink Swann reissued an outperform rating on shares of MacroGenics in a research note on Friday, April 6th. Finally, BidaskClub downgraded MacroGenics from a buy rating to a hold rating in a research note on Wednesday, April 4th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have assigned a buy rating to the stock. The stock currently has an average rating of Buy and a consensus target price of $30.63.

MacroGenics traded up $0.72, reaching $20.50, during mid-day trading on Wednesday, Marketbeat Ratings reports. 525,772 shares of the company were exchanged, compared to its average volume of 268,659. MacroGenics has a twelve month low of $19.92 and a twelve month high of $20.50. The stock has a market capitalization of $840.66 million, a price-to-earnings ratio of -37.96 and a beta of 2.47.

MacroGenics (NASDAQ:MGNX) last issued its earnings results on Tuesday, February 27th. The biopharmaceutical company reported $2.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.58 by $0.22. The business had revenue of $152.36 million during the quarter, compared to the consensus estimate of $152.59 million. MacroGenics had a negative return on equity of 13.03% and a negative net margin of 19.64%. equities analysts predict that MacroGenics will post -4.58 EPS for the current year.

In related news, CFO James Karrels sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, March 5th. The stock was sold at an average price of $31.00, for a total value of $155,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Lynn Cilinski sold 23,967 shares of the firm’s stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $25.01, for a total value of $599,414.67. The disclosure for this sale can be found here. Insiders sold a total of 34,967 shares of company stock valued at $930,505 over the last ninety days. 8.82% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. OppenheimerFunds Inc. increased its stake in MacroGenics by 0.4% in the 1st quarter. OppenheimerFunds Inc. now owns 3,949,370 shares of the biopharmaceutical company’s stock valued at $99,365,000 after purchasing an additional 15,464 shares in the last quarter. Hood River Capital Management LLC increased its stake in MacroGenics by 2.1% in the 1st quarter. Hood River Capital Management LLC now owns 646,109 shares of the biopharmaceutical company’s stock valued at $16,256,000 after purchasing an additional 13,588 shares in the last quarter. Prosight Management LP acquired a new stake in MacroGenics during the 4th quarter valued at $11,546,000. Millennium Management LLC grew its holdings in MacroGenics by 619.4% during the 4th quarter. Millennium Management LLC now owns 482,301 shares of the biopharmaceutical company’s stock valued at $9,164,000 after buying an additional 415,262 shares during the last quarter. Finally, UBS Asset Management Americas Inc. grew its holdings in MacroGenics by 2.8% during the 4th quarter. UBS Asset Management Americas Inc. now owns 381,393 shares of the biopharmaceutical company’s stock valued at $7,246,000 after buying an additional 10,249 shares during the last quarter. 80.14% of the stock is owned by hedge funds and other institutional investors.

About MacroGenics

MacroGenics, Inc, a biopharmaceutical company, focuses on the discovery and development of antibody-based therapeutics for the treatment of cancer primarily by modulating the human immune system, as well as various autoimmune disorders and infectious diseases in the United States. The company's advanced clinical product candidate is Margetuximab, a monoclonal antibody, which is in Phase III clinical trial that targets human epidermal growth factor receptor 2-expressing tumors, such as various breast and gastroesophageal cancers.

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