MacroGenics (NASDAQ:MGNX) Downgraded by BTIG Research

BTIG Research cut shares of MacroGenics (NASDAQ:MGNX) from a buy rating to a neutral rating in a report released on Thursday morning, MarketBeat Ratings reports.

A number of other research analysts also recently commented on MGNX. HC Wainwright reduced their price objective on shares of MacroGenics from $16.00 to $4.00 and set a neutral rating on the stock in a research note on Monday, May 13th. B. Riley cut shares of MacroGenics from a buy rating to a neutral rating and cut their target price for the stock from $18.00 to $5.00 in a report on Wednesday, July 31st. BMO Capital Markets cut MacroGenics from an outperform rating to a market perform rating and cut their target price for the company from $24.00 to $8.00 in a research note on Friday, May 10th. Stifel Nicolaus cut shares of MacroGenics from a buy rating to a hold rating and decreased their target price for the stock from $29.00 to $7.00 in a research report on Friday, May 10th. Finally, JMP Securities cut their target price on MacroGenics from $16.00 to $8.00 and set a market outperform rating on the stock in a research note on Wednesday, July 31st. Eight research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of Hold and a consensus price target of $8.33.

MacroGenics Stock Down 10.4 %

Shares of MGNX stock traded down $0.40 during mid-day trading on Thursday, reaching $3.43. The company’s stock had a trading volume of 30,754 shares, compared to its average volume of 1,841,208. The company’s 50 day simple moving average is $4.56 and its 200-day simple moving average is $11.13. The firm has a market capitalization of $214.82 million, a PE ratio of -9.82 and a beta of 2.09. MacroGenics has a 12-month low of $3.14 and a 12-month high of $21.88.

MacroGenics (NASDAQ:MGNX) last released its quarterly earnings results on Thursday, May 9th. The biopharmaceutical company reported ($0.84) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.67) by ($0.17). The company had revenue of $9.10 million during the quarter, compared to analysts’ expectations of $13.63 million. MacroGenics had a negative return on equity of 98.01% and a negative net margin of 53.60%. As a group, research analysts anticipate that MacroGenics will post -2.19 EPS for the current fiscal year.

Institutional Investors Weigh In On MacroGenics

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Principal Financial Group Inc. lifted its position in shares of MacroGenics by 1.1% in the 2nd quarter. Principal Financial Group Inc. now owns 348,421 shares of the biopharmaceutical company’s stock valued at $1,481,000 after acquiring an additional 3,818 shares in the last quarter. Panagora Asset Management Inc. grew its holdings in shares of MacroGenics by 60.0% during the second quarter. Panagora Asset Management Inc. now owns 741,490 shares of the biopharmaceutical company’s stock valued at $3,151,000 after buying an additional 278,060 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in MacroGenics by 300.6% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,072 shares of the biopharmaceutical company’s stock valued at $68,000 after buying an additional 12,060 shares during the period. Bank of New York Mellon Corp boosted its position in MacroGenics by 4.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 261,944 shares of the biopharmaceutical company’s stock worth $1,113,000 after acquiring an additional 12,237 shares during the period. Finally, Diversified Trust Co increased its holdings in shares of MacroGenics by 32.8% in the 2nd quarter. Diversified Trust Co now owns 18,097 shares of the biopharmaceutical company’s stock valued at $77,000 after purchasing an additional 4,467 shares during the period. 96.89% of the stock is owned by institutional investors and hedge funds.

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.