Citigroup Cuts MacroGenics (NASDAQ:MGNX) Price Target to $18.00

MacroGenics (NASDAQ:MGNX) had its price target decreased by Citigroup from $39.00 to $18.00 in a report published on Thursday, The Fly reports. Citigroup currently has a buy rating on the biopharmaceutical company’s stock.

MGNX has been the subject of a number of other research reports. BidaskClub cut shares of MacroGenics from a sell rating to a strong sell rating in a research note on Friday, July 19th. Stifel Nicolaus cut their target price on shares of MacroGenics from $29.00 to $25.00 and set a buy rating for the company in a research note on Thursday, August 1st. HC Wainwright cut their target price on shares of MacroGenics from $39.00 to $18.00 and set a buy rating for the company in a research note on Wednesday, October 23rd. Wedbush cut their target price on shares of MacroGenics from $23.00 to $14.00 and set an outperform rating for the company in a research note on Wednesday, October 23rd. Finally, Leerink Swann cut their target price on shares of MacroGenics from $26.00 to $18.00 and set an outperform rating for the company in a research note on Wednesday, October 23rd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have given a buy rating to the stock. The stock has an average rating of Buy and a consensus target price of $24.44.

Shares of NASDAQ:MGNX traded down $0.17 during midday trading on Thursday, hitting $8.25. The company’s stock had a trading volume of 534,800 shares, compared to its average volume of 854,817. MacroGenics has a fifty-two week low of $8.24 and a fifty-two week high of $32.32. The stock’s 50 day simple moving average is $10.86 and its 200 day simple moving average is $14.49. The company has a debt-to-equity ratio of 0.08, a quick ratio of 5.81 and a current ratio of 5.81. The stock has a market capitalization of $415.59 million, a price-to-earnings ratio of -1.97 and a beta of 2.28.

MacroGenics (NASDAQ:MGNX) last posted its earnings results on Wednesday, November 6th. The biopharmaceutical company reported ($0.91) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.94) by $0.03. MacroGenics had a negative net margin of 273.47% and a negative return on equity of 54.52%. The company had revenue of $18.74 million during the quarter, compared to analysts’ expectations of $23.33 million. As a group, analysts anticipate that MacroGenics will post -3.78 EPS for the current year.

A number of hedge funds have recently bought and sold shares of the stock. Massachusetts Financial Services Co. MA raised its position in MacroGenics by 90.1% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 143,632 shares of the biopharmaceutical company’s stock worth $1,833,000 after purchasing an additional 68,059 shares during the last quarter. Tower Research Capital LLC TRC bought a new position in MacroGenics in the 3rd quarter worth approximately $94,000. California Public Employees Retirement System raised its position in MacroGenics by 546.9% in the 3rd quarter. California Public Employees Retirement System now owns 95,102 shares of the biopharmaceutical company’s stock worth $1,214,000 after purchasing an additional 80,400 shares during the last quarter. Rhumbline Advisers raised its position in MacroGenics by 6.2% in the 3rd quarter. Rhumbline Advisers now owns 68,282 shares of the biopharmaceutical company’s stock worth $871,000 after purchasing an additional 4,006 shares during the last quarter. Finally, Campbell & CO Investment Adviser LLC bought a new position in MacroGenics in the 3rd quarter worth approximately $345,000. Hedge funds and other institutional investors own 95.81% of the company’s stock.

MacroGenics Company Profile

MacroGenics, Inc, a biopharmaceutical company, discovers and develops antibody-based therapeutics for the treatment of cancer in the United States. Its pipeline of immuno-oncology product candidates includes Margetuximab, a monoclonal antibody, which is in Phase III clinical trial that targets HER2-expressing tumors, such as various breast and gastroesophageal cancers.

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Analyst Recommendations for MacroGenics (NASDAQ:MGNX)

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