MacroGenics (NASDAQ:MGNX) Given New $29.00 Price Target at Stifel Nicolaus

MacroGenics (NASDAQ:MGNX) had its price objective cut by Stifel Nicolaus from $36.00 to $29.00 in a research report report published on Wednesday, June 5th, The Fly reports. They currently have a buy rating on the biopharmaceutical company’s stock.

A number of other equities research analysts have also issued reports on MGNX. Wedbush restated an outperform rating and set a $27.00 price target (up previously from $26.00) on shares of MacroGenics in a report on Wednesday, June 5th. Cowen restated a buy rating on shares of MacroGenics in a report on Wednesday, June 5th. ValuEngine lowered shares of MacroGenics from a buy rating to a hold rating in a report on Tuesday, June 4th. BidaskClub raised shares of MacroGenics from a strong sell rating to a sell rating in a research report on Saturday, May 4th. Finally, HC Wainwright reaffirmed a buy rating and set a $39.00 price objective on shares of MacroGenics in a research report on Thursday, May 2nd. One analyst has rated the stock with a sell rating, five have issued a hold rating and nine have given a buy rating to the stock. The company presently has an average rating of Buy and a consensus price target of $31.62.

Shares of NASDAQ MGNX traded up $0.32 during midday trading on Wednesday, reaching $16.97. The company’s stock had a trading volume of 2,292,526 shares, compared to its average volume of 976,974. The company has a current ratio of 6.47, a quick ratio of 6.47 and a debt-to-equity ratio of 0.08. The stock has a 50 day moving average price of $16.91. MacroGenics has a one year low of $9.87 and a one year high of $32.32. The stock has a market capitalization of $828.24 million, a P/E ratio of -4.05 and a beta of 2.61.

MacroGenics (NASDAQ:MGNX) last released its earnings results on Wednesday, May 1st. The biopharmaceutical company reported ($0.99) EPS for the quarter, missing analysts’ consensus estimates of ($0.95) by ($0.04). MacroGenics had a negative return on equity of 57.65% and a negative net margin of 256.47%. The business had revenue of $9.66 million during the quarter, compared to the consensus estimate of $11.46 million. Research analysts anticipate that MacroGenics will post -3.75 EPS for the current year.

In related news, SVP Eric Blasius Risser sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $18.38, for a total transaction of $55,140.00. Following the transaction, the senior vice president now directly owns 33,806 shares of the company’s stock, valued at $621,354.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 7.88% of the company’s stock.

A number of hedge funds have recently bought and sold shares of MGNX. Federated Investors Inc. PA grew its position in MacroGenics by 206,408.1% in the first quarter. Federated Investors Inc. PA now owns 1,100,688 shares of the biopharmaceutical company’s stock worth $19,790,000 after acquiring an additional 1,100,155 shares in the last quarter. Rhenman & Partners Asset Management AB boosted its holdings in shares of MacroGenics by 78.4% during the 1st quarter. Rhenman & Partners Asset Management AB now owns 967,186 shares of the biopharmaceutical company’s stock worth $17,390,000 after buying an additional 425,000 shares during the period. Bellevue Group AG boosted its holdings in shares of MacroGenics by 47.3% during the 4th quarter. Bellevue Group AG now owns 1,066,993 shares of the biopharmaceutical company’s stock worth $13,551,000 after buying an additional 342,691 shares during the period. Sofinnova Investments Inc. bought a new stake in shares of MacroGenics during the 4th quarter worth $4,228,000. Finally, BB Biotech AG boosted its holdings in shares of MacroGenics by 9.8% during the 4th quarter. BB Biotech AG now owns 3,283,272 shares of the biopharmaceutical company’s stock worth $41,698,000 after buying an additional 292,860 shares during the period. 90.52% of the stock is owned by institutional investors.

MacroGenics Company Profile

MacroGenics, Inc, a biopharmaceutical company, discovers and develops antibody-based therapeutics for the treatment of cancer in the United States. Its pipeline of immuno-oncology product candidates includes Margetuximab, a monoclonal antibody, which is in Phase III clinical trial that targets HER2-expressing tumors, such as various breast and gastroesophageal cancers.

Further Reading: Are sell-side analysts objective?

The Fly

Analyst Recommendations for MacroGenics (NASDAQ:MGNX)

Receive News & Ratings for MacroGenics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for MacroGenics and related companies with MarketBeat.com's FREE daily email newsletter.