Zacks Investment Research Downgrades MacroGenics (MGNX) to Hold

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Zacks Investment Research cut shares of MacroGenics (NASDAQ:MGNX) from a buy rating to a hold rating in a research note published on Saturday morning.

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 analysts also recently issued reports about the company. HC Wainwright set a $34.00 target price on MacroGenics and gave the company a buy rating in a research report on Monday, June 4th. BidaskClub raised MacroGenics from a hold rating to a buy rating in a research report on Wednesday, May 30th. ValuEngine raised MacroGenics from a hold rating to a buy rating in a research report on Saturday, May 26th. Cowen reaffirmed a buy rating on shares of MacroGenics in a research report on Wednesday. Finally, TheStreet downgraded MacroGenics from a c rating to a d+ rating in a research report on Wednesday, May 23rd. Four investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. MacroGenics presently has a consensus rating of Buy and a consensus price target of $30.67.

Shares of NASDAQ:MGNX traded up $0.37 during midday trading on Friday, reaching $21.33. 147,503 shares of the company’s stock were exchanged, compared to its average volume of 207,194. MacroGenics has a fifty-two week low of $15.33 and a fifty-two week high of $32.74.

MacroGenics (NASDAQ:MGNX) last released its earnings results on Tuesday, August 7th. The biopharmaceutical company reported ($1.03) earnings per share for the quarter, beating the consensus estimate of ($1.20) by $0.17. The company had revenue of $18.83 million during the quarter, compared to the consensus estimate of $4.41 million. MacroGenics had a negative return on equity of 13.01% and a negative net margin of 19.20%. sell-side analysts forecast that MacroGenics will post -4.72 EPS for the current year.

Several institutional investors and hedge funds have recently made changes to their positions in MGNX. Geode Capital Management LLC boosted its stake in shares of MacroGenics by 0.8% in the 4th quarter. Geode Capital Management LLC now owns 298,159 shares of the biopharmaceutical company’s stock valued at $5,665,000 after buying an additional 2,472 shares during the period. Renaissance Technologies LLC lifted its stake in MacroGenics by 55.2% during the fourth quarter. Renaissance Technologies LLC now owns 300,523 shares of the biopharmaceutical company’s stock worth $5,710,000 after purchasing an additional 106,900 shares during the last quarter. Deutsche Bank AG lifted its stake in MacroGenics by 83.3% during the fourth quarter. Deutsche Bank AG now owns 221,852 shares of the biopharmaceutical company’s stock worth $4,213,000 after purchasing an additional 100,834 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in MacroGenics by 6.3% during the fourth quarter. Goldman Sachs Group Inc. now owns 65,108 shares of the biopharmaceutical company’s stock worth $1,237,000 after purchasing an additional 3,841 shares during the last quarter. Finally, MetLife Investment Advisors LLC purchased a new stake in MacroGenics during the fourth quarter worth approximately $281,000. Institutional investors and hedge funds own 89.51% of the company’s stock.

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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