Zacks Investment Research Downgrades Magenta Therapeutics (NASDAQ:MGTA) to Hold

Magenta Therapeutics (NASDAQ:MGTA) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Saturday, Zacks.com reports.

According to Zacks, “Magenta Therapeutics Inc. is a clinical-stage biotechnology company. It engaged in developing therapeutics focused on critical areas of unmet need in the field of bone marrow transplant for patients with autoimmune diseases, blood cancers and genetic diseases. Magenta Therapeutics Inc. is headquartered in Cambridge, Mass. “

Other analysts also recently issued research reports about the stock. Goldman Sachs Group downgraded shares of Magenta Therapeutics from a “buy” rating to a “neutral” rating and decreased their price target for the company from $17.00 to $16.00 in a research note on Sunday, March 24th. They noted that the move was a valuation call. Wedbush set a $38.00 price target on shares of Obseva and gave the company a “buy” rating in a research note on Friday, May 10th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Magenta Therapeutics currently has a consensus rating of “Hold” and a consensus price target of $17.67.

Magenta Therapeutics stock opened at $12.82 on Friday. The company’s 50 day moving average is $14.13. Magenta Therapeutics has a fifty-two week low of $5.31 and a fifty-two week high of $21.00. The company has a market capitalization of $431.43 million and a P/E ratio of -4.10.

Magenta Therapeutics (NASDAQ:MGTA) last posted its quarterly earnings results on Thursday, May 9th. The company reported ($0.44) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.55) by $0.11. As a group, equities research analysts forecast that Magenta Therapeutics will post -2.03 earnings per share for the current year.

In other news, insider Michael P. Cooke sold 7,500 shares of Magenta Therapeutics stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $13.90, for a total transaction of $104,250.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Jason Gardner sold 14,000 shares of Magenta Therapeutics stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $15.11, for a total transaction of $211,540.00. The disclosure for this sale can be found here. Insiders have sold 29,000 shares of company stock valued at $423,790 in the last ninety days. Insiders own 10.90% of the company’s stock.

Several institutional investors have recently bought and sold shares of the company. Gilder Gagnon Howe & Co. LLC bought a new position in Magenta Therapeutics in the first quarter worth approximately $30,127,000. BlackRock Inc. raised its stake in Magenta Therapeutics by 224.2% in the fourth quarter. BlackRock Inc. now owns 556,381 shares of the company’s stock worth $3,170,000 after buying an additional 384,752 shares in the last quarter. Northern Trust Corp raised its stake in Magenta Therapeutics by 21.8% in the fourth quarter. Northern Trust Corp now owns 66,414 shares of the company’s stock worth $378,000 after buying an additional 11,893 shares in the last quarter. Geode Capital Management LLC raised its stake in Magenta Therapeutics by 42.9% in the fourth quarter. Geode Capital Management LLC now owns 21,739 shares of the company’s stock worth $123,000 after buying an additional 6,525 shares in the last quarter. Finally, Oppenheimer & Co. Inc. bought a new position in Magenta Therapeutics in the first quarter worth approximately $329,000. 63.62% of the stock is owned by hedge funds and other institutional investors.

About Magenta Therapeutics

Magenta Therapeutics, Inc, a clinical-stage biotechnology company, develops novel medicines to extend the curative power of stem cell transplant, gene therapy, genome editing, and cell therapy to patients. It is developing C100, C200, and C300 targeted antibody-drug conjugates for transplant conditioning; MGTA-145, a novel stem cell mobilization product candidate to control stem cell mobilization; MGTA-456, an allogeneic stem cell therapy to control stem cell growth; E478, a small molecule aryl hydrocarbon receptor antagonist for the expansion of gene-modified stem cells; and G100, an antibody-drug conjugate program to prevent acute graft and host diseases.

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