Zacks Investment Research Downgrades MacroGenics (MGNX) to Hold

MacroGenics (NASDAQ:MGNX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” 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. “

A number of other equities analysts have also recently issued reports on the stock. BTIG Research initiated coverage on shares of MacroGenics in a report on Monday, September 10th. They issued a “buy” rating and a $30.00 target price on the stock. ValuEngine cut shares of MacroGenics from a “buy” rating to a “hold” rating in a report on Thursday, September 6th. BidaskClub cut shares of MacroGenics from a “hold” rating to a “sell” rating in a report on Saturday, August 4th. Cowen reissued a “buy” rating on shares of MacroGenics in a report on Wednesday, August 8th. Finally, HC Wainwright reissued a “buy” rating and issued a $34.00 target price on shares of MacroGenics in a report on Wednesday, August 8th. One analyst has rated the stock with a sell rating, three have given a hold rating and nine have given a buy rating to the company’s stock. MacroGenics currently has an average rating of “Buy” and an average target price of $30.38.

Shares of MGNX stock opened at $19.25 on Wednesday. MacroGenics has a one year low of $16.12 and a one year high of $32.74. The stock has a market cap of $829.12 million, a PE ratio of -35.65 and a beta of 2.41.

MacroGenics (NASDAQ:MGNX) last issued its earnings results on Tuesday, August 7th. The biopharmaceutical company reported ($1.03) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($1.20) by $0.17. MacroGenics had a negative net margin of 19.20% and a negative return on equity of 13.01%. The firm had revenue of $18.83 million for the quarter, compared to analysts’ expectations of $4.41 million. On average, research analysts forecast that MacroGenics will post -4.66 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently modified their holdings of the business. BB Biotech AG increased its stake in shares of MacroGenics by 2.3% in the second quarter. BB Biotech AG now owns 2,660,412 shares of the biopharmaceutical company’s stock valued at $54,938,000 after purchasing an additional 60,000 shares during the period. State of Wisconsin Investment Board increased its stake in shares of MacroGenics by 59.6% in the second quarter. State of Wisconsin Investment Board now owns 39,900 shares of the biopharmaceutical company’s stock valued at $824,000 after purchasing an additional 14,900 shares during the period. Stanley Laman Group Ltd. acquired a new stake in shares of MacroGenics in the second quarter valued at approximately $462,000. Bellevue Group AG increased its stake in shares of MacroGenics by 6.0% in the second quarter. Bellevue Group AG now owns 596,913 shares of the biopharmaceutical company’s stock valued at $12,326,000 after purchasing an additional 33,762 shares during the period. Finally, P.A.W. Capital Corp acquired a new stake in shares of MacroGenics in the second quarter valued at approximately $516,000. 90.99% of the stock is currently 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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