Cowen Reaffirms Buy Rating for Magenta Therapeutics (NASDAQ:MGTA)

Cowen reiterated their buy rating on shares of Magenta Therapeutics (NASDAQ:MGTA) in a research report released on Wednesday, TipRanks reports.

Other equities research analysts have also issued reports about the stock. ValuEngine lowered shares of Magenta Therapeutics from a buy rating to a hold rating in a report on Friday, September 20th. Zacks Investment Research lowered shares of Magenta Therapeutics from a buy rating to a hold rating in a report on Tuesday, October 15th. One analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the stock. The company has a consensus rating of Hold and a consensus target price of $16.33.

NASDAQ MGTA traded down $0.01 during trading hours on Wednesday, hitting $9.42. 73,900 shares of the company’s stock traded hands, compared to its average volume of 64,348. The company has a market capitalization of $367.67 million, a PE ratio of -3.01 and a beta of 3.12. Magenta Therapeutics has a 52-week low of $5.31 and a 52-week high of $21.00. The firm’s 50-day moving average is $10.03 and its 200-day moving average is $12.57.

Magenta Therapeutics (NASDAQ:MGTA) last released its earnings results on Wednesday, November 13th. The company reported ($0.54) earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of ($0.54). On average, equities research analysts predict that Magenta Therapeutics will post -2.01 EPS for the current year.

In other news, insider Michael P. Cooke sold 5,000 shares of the firm’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $10.01, for a total value of $50,050.00. Insiders sold a total of 16,656 shares of company stock worth $176,372 over the last 90 days. Company insiders own 10.90% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Russell Investments Group Ltd. acquired a new stake in shares of Magenta Therapeutics in the 3rd quarter valued at $631,000. Platinum Investment Management Ltd. raised its holdings in shares of Magenta Therapeutics by 7.7% in the 2nd quarter. Platinum Investment Management Ltd. now owns 226,558 shares of the company’s stock valued at $3,342,000 after purchasing an additional 16,209 shares in the last quarter. OneAscent Financial Services LLC acquired a new stake in shares of Magenta Therapeutics in the 2nd quarter valued at $166,000. Citadel Advisors LLC raised its holdings in shares of Magenta Therapeutics by 31.5% in the 2nd quarter. Citadel Advisors LLC now owns 229,066 shares of the company’s stock valued at $3,379,000 after purchasing an additional 54,847 shares in the last quarter. Finally, Vanguard Group Inc. raised its holdings in shares of Magenta Therapeutics by 75.4% in the 2nd quarter. Vanguard Group Inc. now owns 884,348 shares of the company’s stock valued at $13,045,000 after purchasing an additional 380,135 shares in the last quarter. Institutional investors and hedge funds own 63.98% of the company’s stock.

About Magenta Therapeutics

Magenta Therapeutics, Inc, a clinical-stage biotechnology company, develops novel medicines to extend the curative power of stem cell transplant, gene therapy, genome editing, and cell therapy to patients. It is developing C100, C200, and C300 targeted antibody-drug conjugates for transplant conditioning; MGTA-145, a novel stem cell mobilization product candidate to control stem cell mobilization; MGTA-456, an allogeneic stem cell therapy to control stem cell growth; E478, a small molecule aryl hydrocarbon receptor antagonist for the expansion of gene-modified stem cells; and G100, an antibody-drug conjugate program to prevent acute graft and host diseases.

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