MacroGenics (NASDAQ:MGNX) Price Target Cut to $3.00 by Analysts at B. Riley

MacroGenics (NASDAQ:MGNX) had its price target lowered by stock analysts at B. Riley from $5.00 to $3.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the biopharmaceutical company’s stock. B. Riley’s price target would suggest a potential upside of 89.16% from the company’s previous close.

Several other equities analysts have also issued reports on the company. Stifel Nicolaus lowered their price target on shares of MacroGenics from $6.00 to $5.00 and set a “hold” rating on the stock in a report on Wednesday, May 14th. StockNews.com downgraded MacroGenics from a “buy” rating to a “hold” rating in a research report on Friday, March 21st. HC Wainwright dropped their price objective on MacroGenics from $4.00 to $2.00 and set a “neutral” rating for the company in a research note on Tuesday, March 25th. Finally, Barclays restated an “overweight” rating and issued a $3.00 target price (down previously from $8.00) on shares of MacroGenics in a research note on Wednesday, May 14th. Eight research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, MacroGenics currently has a consensus rating of “Hold” and a consensus price target of $6.13.

MacroGenics Stock Performance

MGNX traded down $0.00 during trading on Tuesday, reaching $1.59. The company had a trading volume of 74,037 shares, compared to its average volume of 827,456. MacroGenics has a 12-month low of $0.99 and a 12-month high of $5.77. The company has a market cap of $100.06 million, a price-to-earnings ratio of -1.01 and a beta of 2.20. The firm’s 50-day simple moving average is $1.54 and its 200 day simple moving average is $2.58.

MacroGenics (NASDAQ:MGNX) last posted its quarterly earnings results on Tuesday, May 13th. The biopharmaceutical company reported ($0.65) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.61) by ($0.04). The firm had revenue of $13.19 million for the quarter, compared to analysts’ expectations of $9.59 million. MacroGenics had a negative return on equity of 89.42% and a negative net margin of 69.07%. On average, sell-side analysts expect that MacroGenics will post -1.06 EPS for the current year.

Hedge Funds Weigh In On MacroGenics

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Wasatch Advisors LP grew its stake in shares of MacroGenics by 37.6% in the fourth quarter. Wasatch Advisors LP now owns 3,488,493 shares of the biopharmaceutical company’s stock worth $11,338,000 after purchasing an additional 952,691 shares during the last quarter. Schonfeld Strategic Advisors LLC acquired a new stake in MacroGenics during the 4th quarter valued at approximately $2,787,000. JPMorgan Chase & Co. raised its holdings in MacroGenics by 68.3% during the 4th quarter. JPMorgan Chase & Co. now owns 546,807 shares of the biopharmaceutical company’s stock worth $1,777,000 after purchasing an additional 221,905 shares during the last quarter. Renaissance Technologies LLC raised its holdings in MacroGenics by 69.1% during the 4th quarter. Renaissance Technologies LLC now owns 538,523 shares of the biopharmaceutical company’s stock worth $1,750,000 after purchasing an additional 220,100 shares during the last quarter. Finally, Amundi acquired a new position in shares of MacroGenics in the 1st quarter worth approximately $272,000. Institutional investors own 96.89% of the company’s stock.

MacroGenics Company Profile

MacroGenics, Inc, a biopharmaceutical company, develops, manufactures, and commercializes antibody-based therapeutics to treat cancer in the United States. Its approved product is MARGENZA (margetuximab-cmkb), a human epidermal growth factor receptor 2 (HER2) receptor antagonist indicated, in combination with chemotherapy, for the treatment of adult patients with metastatic HER2-positive breast cancer who have received two or more prior anti-HER2 regimens.