MacroGenics (NASDAQ:MGNX) Rating Lowered to “Hold” at StockNews.com

MacroGenics (NASDAQ:MGNX) was downgraded by equities researchers at StockNews.com from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Friday.

MacroGenics Price Performance

NASDAQ:MGNX traded down $0.10 during trading hours on Friday, hitting $2.00. 1,168,086 shares of the company were exchanged, compared to its average volume of 1,156,806. The company’s 50 day moving average price is $2.66 and its 200-day moving average price is $3.22. The stock has a market capitalization of $125.53 million, a price-to-earnings ratio of -1.27 and a beta of 2.12. MacroGenics has a 52-week low of $1.89 and a 52-week high of $19.54.

MacroGenics (NASDAQ:MGNX) last released its quarterly earnings data on Thursday, March 20th. The biopharmaceutical company reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.23) by ($0.02). The business had revenue of $49.40 million during the quarter, compared to analysts’ expectations of $34.17 million. MacroGenics had a negative net margin of 69.07% and a negative return on equity of 89.42%. On average, equities analysts predict that MacroGenics will post -1.06 earnings per share for the current year.

Hedge Funds Weigh In On MacroGenics

Several large investors have recently made changes to their positions in MGNX. Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of MacroGenics by 39.3% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 661,914 shares of the biopharmaceutical company’s stock valued at $2,178,000 after purchasing an additional 186,858 shares during the period. Intech Investment Management LLC acquired a new position in MacroGenics during the third quarter worth $68,000. FMR LLC raised its position in MacroGenics by 1,230.1% during the third quarter. FMR LLC now owns 137,215 shares of the biopharmaceutical company’s stock worth $451,000 after acquiring an additional 126,899 shares during the period. BNP Paribas Financial Markets raised its position in MacroGenics by 374.4% during the third quarter. BNP Paribas Financial Markets now owns 90,779 shares of the biopharmaceutical company’s stock worth $299,000 after acquiring an additional 71,643 shares during the period. Finally, Vestal Point Capital LP raised its position in MacroGenics by 3.8% during the third quarter. Vestal Point Capital LP now owns 830,000 shares of the biopharmaceutical company’s stock worth $2,731,000 after acquiring an additional 30,000 shares during the period. 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.