MacroGenics (MGNX) Cut to Sell at Zacks Investment Research

MacroGenics (NASDAQ:MGNX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued 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. “

Other equities research analysts have also recently issued reports about the company. Stifel Nicolaus restated a “buy” rating and issued a $34.00 price objective on shares of MacroGenics in a research note on Tuesday, September 12th. Cowen restated a “buy” rating on shares of MacroGenics in a research note on Wednesday, October 25th. ValuEngine upgraded MacroGenics from a “strong sell” rating to a “sell” rating in a research note on Friday, December 1st. Wedbush restated an “outperform” rating and issued a $44.00 price objective on shares of MacroGenics in a research note on Monday, September 11th. Finally, Citigroup boosted their price objective on MacroGenics from $18.00 to $22.00 and gave the company a “neutral” rating in a research note on Friday, November 10th. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and nine have issued a buy rating to the stock. MacroGenics currently has an average rating of “Hold” and an average price target of $30.10.

Shares of MacroGenics (NASDAQ MGNX) traded up $0.42 during trading hours on Wednesday, hitting $19.42. 201,300 shares of the company were exchanged, compared to its average volume of 197,050. The stock has a market cap of $699.63, a P/E ratio of -4.32 and a beta of 2.73. MacroGenics has a 52 week low of $14.36 and a 52 week high of $22.31.

MacroGenics (NASDAQ:MGNX) last issued its quarterly earnings results on Wednesday, November 8th. The biopharmaceutical company reported ($1.28) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($1.09) by ($0.19). The company had revenue of $1.70 million during the quarter, compared to analysts’ expectations of $5.50 million. MacroGenics had a negative return on equity of 69.31% and a negative net margin of 1,526.55%. MacroGenics’s quarterly revenue was down 48.5% compared to the same quarter last year. During the same period last year, the firm posted ($0.97) earnings per share. analysts anticipate that MacroGenics will post -0.7 EPS for the current fiscal year.

In other news, SVP Jon Marc Wigginton sold 5,000 shares of the company’s stock in a transaction dated Tuesday, November 21st. The stock was sold at an average price of $20.00, for a total transaction of $100,000.00. Following the sale, the senior vice president now directly owns 35,000 shares in the company, valued at $700,000. The sale was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 8.30% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the company. Wasatch Advisors Inc. increased its position in shares of MacroGenics by 5,159.3% in the second quarter. Wasatch Advisors Inc. now owns 1,044,243 shares of the biopharmaceutical company’s stock worth $18,285,000 after purchasing an additional 1,024,388 shares during the last quarter. FMR LLC increased its position in shares of MacroGenics by 6.0% in the second quarter. FMR LLC now owns 5,238,917 shares of the biopharmaceutical company’s stock worth $91,733,000 after purchasing an additional 295,553 shares during the last quarter. Pinnacle Associates Ltd. increased its position in shares of MacroGenics by 38.3% in the third quarter. Pinnacle Associates Ltd. now owns 843,175 shares of the biopharmaceutical company’s stock worth $15,582,000 after purchasing an additional 233,657 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of MacroGenics by 314.8% in the second quarter. Dimensional Fund Advisors LP now owns 180,739 shares of the biopharmaceutical company’s stock worth $3,165,000 after purchasing an additional 137,167 shares during the last quarter. Finally, Sphera Funds Management LTD. increased its position in shares of MacroGenics by 157.0% in the third quarter. Sphera Funds Management LTD. now owns 208,700 shares of the biopharmaceutical company’s stock worth $3,857,000 after purchasing an additional 127,500 shares during the last quarter. Hedge funds and other institutional investors own 85.77% of the company’s stock.

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MacroGenics Company Profile

MacroGenics, Inc is a clinical-stage biopharmaceutical company focused on discovering and developing monoclonal antibody-based therapeutics for the treatment of cancer, as well as various autoimmune disorders and infectious diseases. The Company develops therapeutic product candidates using its antibody-based technology platforms and also in collaboration with other biopharmaceutical companies.

Analyst Recommendations for MacroGenics (NASDAQ:MGNX)

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