MacroGenics (NASDAQ:MGNX) Downgraded by StockNews.com to Hold

Posted by Defense World Staff on Jun 21st, 2023

MacroGenics (NASDAQ:MGNX – Get Rating) was downgraded by equities research analysts at StockNews.com from a “buy” rating to a “hold” rating in a report released on Wednesday.

MGNX has been the topic of several other research reports. HC Wainwright reiterated a “buy” rating and set a $14.00 price objective on shares of MacroGenics in a report on Monday, April 3rd. Stifel Nicolaus upped their price objective on shares of MacroGenics from $15.00 to $17.00 in a report on Thursday, March 9th. Citigroup upped their price objective on shares of MacroGenics from $7.00 to $8.00 in a report on Monday, March 20th. Guggenheim reiterated a “neutral” rating on shares of MacroGenics in a report on Friday, March 17th. Finally, JMP Securities upped their price objective on shares of MacroGenics from $8.00 to $10.00 in a report on Thursday, May 11th. Six research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, MacroGenics currently has an average rating of “Moderate Buy” and an average target price of $11.40.

MacroGenics Stock Down 6.0 %

MGNX stock opened at $5.75 on Wednesday. The firm has a market cap of $355.58 million, a price-to-earnings ratio of -3.91 and a beta of 2.01. MacroGenics has a 12-month low of $2.45 and a 12-month high of $7.90. The company’s fifty day simple moving average is $6.15 and its 200 day simple moving average is $6.14.

MacroGenics (NASDAQ:MGNX – Get Rating) last released its earnings results on Tuesday, May 9th. The biopharmaceutical company reported ($0.61) earnings per share (EPS) for the quarter, missing the consensus estimate of $1.07 by ($1.68). The firm had revenue of $24.50 million during the quarter, compared to analyst estimates of $129.65 million. MacroGenics had a negative net margin of 55.24% and a negative return on equity of 70.69%. Research analysts expect that MacroGenics will post -1.62 earnings per share for the current year.

Institutional Investors Weigh In On MacroGenics

Institutional investors have recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in MacroGenics in the 1st quarter worth about $27,000. Point72 Middle East FZE bought a new stake in MacroGenics in the 4th quarter worth about $28,000. Allspring Global Investments Holdings LLC grew its position in MacroGenics by 228.0% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 9,281 shares of the biopharmaceutical company’s stock worth $62,000 after purchasing an additional 6,451 shares in the last quarter. Commonwealth Equity Services LLC bought a new position in shares of MacroGenics during the 4th quarter valued at approximately $77,000. Finally, Ensign Peak Advisors Inc bought a new position in shares of MacroGenics during the 3rd quarter valued at approximately $41,000. 94.53% of the stock is owned by institutional investors.

About MacroGenics

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MacroGenics, Inc, a biopharmaceutical company, develops 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.

MacroGenics (NASDAQ:MGNX) Downgraded by StockNews.com to Hold

MacroGenics Stock Down 6.0 %

Institutional Investors Weigh In On MacroGenics

About MacroGenics

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