MacroGenics (NASDAQ:MGNX) Given New $9.00 Price Target at BTIG Research

MacroGenics (NASDAQ:MGNX) had its price target reduced by analysts at BTIG Research from $24.00 to $9.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the biopharmaceutical company’s stock. BTIG Research’s price target indicates a potential upside of 96.94% from the company’s previous close.

A number of other analysts have also weighed in on the stock. TD Cowen lowered shares of MacroGenics from a “buy” rating to a “hold” rating in a report on Friday, May 10th. JMP Securities dropped their price objective on MacroGenics from $22.00 to $16.00 and set a “market outperform” rating for the company in a research note on Friday, May 10th. Stifel Nicolaus cut MacroGenics from a “buy” rating to a “hold” rating and lowered their price target for the company from $29.00 to $7.00 in a report on Friday, May 10th. B. Riley assumed coverage on shares of MacroGenics in a research report on Friday, April 26th. They issued a “buy” rating and a $25.00 price objective on the stock. Finally, TheStreet lowered shares of MacroGenics from a “c” rating to a “d” rating in a research report on Thursday, March 7th. Five research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $12.00.

MacroGenics Stock Down 1.3 %

MGNX traded down $0.06 on Friday, hitting $4.57. The company’s stock had a trading volume of 805,861 shares, compared to its average volume of 2,041,339. The company’s 50 day simple moving average is $13.46 and its 200-day simple moving average is $12.57. MacroGenics has a 12 month low of $3.14 and a 12 month high of $21.88. The firm has a market cap of $286.22 million, a P/E ratio of -11.82 and a beta of 2.09.

MacroGenics (NASDAQ:MGNX) last released its quarterly earnings data on Thursday, May 9th. The biopharmaceutical company reported ($0.84) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.67) by ($0.17). MacroGenics had a negative net margin of 53.60% and a negative return on equity of 98.01%. The company had revenue of $9.10 million for the quarter, compared to the consensus estimate of $13.63 million. Equities analysts predict that MacroGenics will post -3.04 earnings per share for the current fiscal year.

Insider Buying and Selling at MacroGenics

In related news, VP Jeffrey Stuart Peters sold 51,395 shares of the business’s stock in a transaction dated Thursday, April 4th. The stock was sold at an average price of $15.55, for a total transaction of $799,192.25. The sale was disclosed in a filing with the SEC, which is accessible through this link. 11.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in MGNX. ProShare Advisors LLC raised its holdings in MacroGenics by 8.9% in the first quarter. ProShare Advisors LLC now owns 15,282 shares of the biopharmaceutical company’s stock worth $225,000 after purchasing an additional 1,246 shares in the last quarter. Diversified Trust Co increased its stake in shares of MacroGenics by 16.0% in the 1st quarter. Diversified Trust Co now owns 13,630 shares of the biopharmaceutical company’s stock worth $201,000 after acquiring an additional 1,880 shares in the last quarter. Principal Financial Group Inc. lifted its position in MacroGenics by 0.9% during the 3rd quarter. Principal Financial Group Inc. now owns 275,550 shares of the biopharmaceutical company’s stock valued at $1,284,000 after acquiring an additional 2,335 shares during the period. EntryPoint Capital LLC bought a new stake in MacroGenics during the first quarter worth about $40,000. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in MacroGenics by 7.2% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 49,337 shares of the biopharmaceutical company’s stock worth $475,000 after purchasing an additional 3,319 shares during the period. 96.89% of the stock is owned by hedge funds and other institutional investors.

About MacroGenics

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.