MacroGenics (NASDAQ:MGNX) Upgraded by Evercore ISI to Strong-Buy

Evercore ISI upgraded shares of MacroGenics (NASDAQ:MGNX) to a strong-buy rating in a report published on Monday morning, Zacks.com reports.

Several other analysts have also recently commented on the stock. HC Wainwright reaffirmed a neutral rating and issued a $4.00 target price on shares of MacroGenics in a research note on Wednesday, August 21st. Barclays lowered their price objective on MacroGenics from $14.00 to $9.00 and set an overweight rating for the company in a research report on Monday, July 29th. BMO Capital Markets reduced their target price on MacroGenics from $8.00 to $5.00 and set a market perform rating on the stock in a research report on Wednesday, August 7th. Guggenheim cut MacroGenics from a buy rating to a neutral rating in a report on Wednesday, July 31st. Finally, StockNews.com downgraded shares of MacroGenics from a hold rating to a sell rating in a research note on Thursday, August 8th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, MacroGenics has an average rating of Hold and a consensus price target of $8.11.

MacroGenics Stock Down 1.9 %

MGNX opened at $3.37 on Monday. The firm has a market cap of $210.76 million, a P/E ratio of -8.63 and a beta of 2.09. The business’s fifty day simple moving average is $4.00 and its 200 day simple moving average is $8.45. MacroGenics has a 52 week low of $3.14 and a 52 week high of $21.88.

MacroGenics (NASDAQ:MGNX) last released its quarterly earnings results on Tuesday, August 6th. The biopharmaceutical company reported ($0.89) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.47) by ($0.42). The firm had revenue of $10.80 million for the quarter, compared to analyst estimates of $24.14 million. MacroGenics had a negative return on equity of 146.01% and a negative net margin of 332.47%. As a group, equities analysts expect that MacroGenics will post -1.72 EPS for the current fiscal year.

Institutional Trading of MacroGenics

Several large investors have recently added to or reduced their stakes in the stock. Bellevue Group AG lifted its stake in shares of MacroGenics by 1.5% during the fourth quarter. Bellevue Group AG now owns 9,953,313 shares of the biopharmaceutical company’s stock worth $95,751,000 after purchasing an additional 150,000 shares in the last quarter. Avoro Capital Advisors LLC purchased a new stake in shares of MacroGenics during the 1st quarter valued at about $90,528,000. Armistice Capital LLC lifted its position in MacroGenics by 150.0% during the 2nd quarter. Armistice Capital LLC now owns 6,000,000 shares of the biopharmaceutical company’s stock worth $25,500,000 after acquiring an additional 3,600,000 shares in the last quarter. Millennium Management LLC boosted its holdings in MacroGenics by 3,473.7% in the 2nd quarter. Millennium Management LLC now owns 3,312,672 shares of the biopharmaceutical company’s stock worth $14,079,000 after acquiring an additional 3,219,977 shares during the period. Finally, Frazier Life Sciences Management L.P. grew its position in MacroGenics by 21.8% in the second quarter. Frazier Life Sciences Management L.P. now owns 3,010,727 shares of the biopharmaceutical company’s stock valued at $12,796,000 after acquiring an additional 539,023 shares in the last quarter. 96.89% of the stock is currently owned by institutional investors and hedge funds.

About MacroGenics

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.