MacroGenics (MGNX) Given a $34.00 Price Target at HC Wainwright

MacroGenics (NASDAQ:MGNX) received a $34.00 price target from HC Wainwright in a research report issued to clients and investors on Thursday. The firm currently has a “buy” rating on the biopharmaceutical company’s stock. HC Wainwright’s price target would indicate a potential upside of 96.53% from the company’s previous close.

The analysts wrote, “Our 12-month, $34 price target for shares of MacroGenics is based on a 13-year DCF-driven sum-of-the-parts analysis. Our DCF is driven by: beta of 1.68, terminal growth rate of 0.5%, risk premium of 4.93%, calculated WACC of 11.4%, and tax rate of 15% beginning in FY 2027. (19%), flotetuzumab (17%) together represent about 99% of our target.””

A number of other equities research analysts have also issued reports on MGNX. ValuEngine upgraded shares of MacroGenics from a “hold” rating to a “buy” rating in a report on Thursday, August 2nd. BidaskClub lowered shares of MacroGenics from a “hold” rating to a “sell” rating in a report on Saturday, August 4th. Cowen restated a “buy” rating on shares of MacroGenics in a report on Wednesday, August 8th. Zacks Investment Research lowered shares of MacroGenics from a “buy” rating to a “hold” rating in a report on Saturday, August 11th. Finally, BTIG Research initiated coverage on shares of MacroGenics in a report on Monday, September 10th. They set a “buy” rating and a $30.00 price target on the stock. One research analyst has rated the stock with a sell rating, two have issued a hold rating and nine have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $31.00.

Shares of MGNX stock traded up $0.28 during trading hours on Thursday, reaching $17.30. 977 shares of the stock traded hands, compared to its average volume of 294,776. MacroGenics has a 1-year low of $15.48 and a 1-year high of $32.74. The firm has a market capitalization of $727.28 million, a P/E ratio of -32.14 and a beta of 2.52.

MacroGenics (NASDAQ:MGNX) last released its quarterly earnings results on Wednesday, November 7th. The biopharmaceutical company reported ($0.81) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($1.29) by $0.48. MacroGenics had a negative net margin of 10.72% and a negative return on equity of 7.39%. The business had revenue of $20.80 million for the quarter, compared to analyst estimates of $6.18 million. Equities research analysts predict that MacroGenics will post -4.22 EPS for the current fiscal year.

A number of institutional investors and hedge funds have recently made changes to their positions in MGNX. Voya Investment Management LLC grew its position in MacroGenics by 149.2% during the second quarter. Voya Investment Management LLC now owns 905,752 shares of the biopharmaceutical company’s stock valued at $18,703,000 after purchasing an additional 542,319 shares in the last quarter. BlackRock Inc. grew its position in MacroGenics by 17.5% during the second quarter. BlackRock Inc. now owns 3,122,067 shares of the biopharmaceutical company’s stock valued at $64,472,000 after purchasing an additional 465,948 shares in the last quarter. BB Biotech AG grew its position in MacroGenics by 12.4% during the third quarter. BB Biotech AG now owns 2,990,412 shares of the biopharmaceutical company’s stock valued at $64,114,000 after purchasing an additional 330,000 shares in the last quarter. Dimensional Fund Advisors LP grew its position in MacroGenics by 101.6% during the third quarter. Dimensional Fund Advisors LP now owns 582,511 shares of the biopharmaceutical company’s stock valued at $12,489,000 after purchasing an additional 293,527 shares in the last quarter. Finally, Candriam Luxembourg S.C.A. grew its position in MacroGenics by 289.3% during the third quarter. Candriam Luxembourg S.C.A. now owns 356,600 shares of the biopharmaceutical company’s stock valued at $7,646,000 after purchasing an additional 265,000 shares in the last quarter. 86.97% of the stock is currently owned by hedge funds and other institutional investors.

MacroGenics Company Profile

MacroGenics, Inc, a biopharmaceutical company, focuses on the discovery and development of antibody-based therapeutics for the treatment of cancer primarily by modulating the human immune system, as well as various autoimmune disorders and infectious diseases in the United States. The company's advanced clinical product candidate is Margetuximab, a monoclonal antibody, which is in Phase III clinical trial that targets human epidermal growth factor receptor 2-expressing tumors, such as various breast and gastroesophageal cancers.

See Also: Retained Earnings

Analyst Recommendations for MacroGenics (NASDAQ:MGNX)

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