Cowen Reaffirms Buy Rating for Magenta Therapeutics (NASDAQ:MGTA)

Magenta Therapeutics (NASDAQ:MGTA)‘s stock had its “buy” rating reissued by analysts at Cowen in a note issued to investors on Wednesday, TipRanks reports.

Several other equities research analysts have also issued reports on MGTA. ValuEngine lowered shares of Magenta Therapeutics from a “buy” rating to a “hold” rating in a research report on Friday, September 20th. Zacks Investment Research lowered shares of Magenta Therapeutics from a “buy” rating to a “hold” rating in a research report on Tuesday, October 15th. One analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $16.33.

Shares of Magenta Therapeutics stock opened at $10.25 on Wednesday. Magenta Therapeutics has a 1 year low of $5.31 and a 1 year high of $21.00. The firm has a market cap of $410.69 million, a PE ratio of -3.27 and a beta of 3.12. The company has a 50 day simple moving average of $10.07 and a two-hundred day simple moving average of $12.64.

In other Magenta Therapeutics news, insider Michael P. Cooke sold 5,000 shares of Magenta Therapeutics stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $11.18, for a total transaction of $55,900.00. Insiders have sold 16,656 shares of company stock worth $176,372 over the last three months. Insiders own 10.90% of the company’s stock.

Hedge funds have recently bought and sold shares of the business. Wells Fargo & Company MN increased its stake in shares of Magenta Therapeutics by 253.1% in the second quarter. Wells Fargo & Company MN now owns 30,021 shares of the company’s stock worth $443,000 after buying an additional 21,519 shares during the period. JPMorgan Chase & Co. increased its position in Magenta Therapeutics by 52.8% during the 2nd quarter. JPMorgan Chase & Co. now owns 5,349 shares of the company’s stock valued at $79,000 after purchasing an additional 1,848 shares during the period. Alps Advisors Inc. purchased a new position in Magenta Therapeutics during the 2nd quarter valued at $1,190,000. Charles Schwab Investment Management Inc. increased its position in Magenta Therapeutics by 35.0% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 43,202 shares of the company’s stock valued at $638,000 after purchasing an additional 11,205 shares during the period. Finally, Bank of New York Mellon Corp increased its position in Magenta Therapeutics by 23.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 52,912 shares of the company’s stock valued at $781,000 after purchasing an additional 9,980 shares during the period. 63.98% of the stock is currently 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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