Magenta Therapeutics (NASDAQ:MGTA) Downgraded by Zacks Investment Research

Zacks Investment Research cut shares of Magenta Therapeutics (NASDAQ:MGTA) from a hold rating to a sell rating in a research report released on Wednesday, Zacks.com reports.

According to Zacks, “Magenta Therapeutics Inc. is a clinical-stage biotechnology company. It engaged in developing therapeutics focused on critical areas of unmet need in the field of bone marrow transplant for patients with autoimmune diseases, blood cancers and genetic diseases. Magenta Therapeutics Inc. is headquartered in Cambridge, Mass. “

Other research analysts also recently issued reports about the company. Wedbush reiterated an outperform rating and set a $22.00 price objective on shares of Magenta Therapeutics in a report on Friday, May 10th. Cowen reiterated a buy rating on shares of Magenta Therapeutics in a report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company’s stock. Magenta Therapeutics currently has a consensus rating of Buy and a consensus target price of $17.33.

NASDAQ:MGTA opened at $11.59 on Wednesday. The company has a market cap of $461.44 million, a PE ratio of -3.70 and a beta of 3.01. Magenta Therapeutics has a 52-week low of $5.31 and a 52-week high of $21.00. The stock has a 50-day simple moving average of $13.09 and a 200 day simple moving average of $14.10.

Magenta Therapeutics (NASDAQ:MGTA) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.48) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.49) by $0.01. On average, research analysts anticipate that Magenta Therapeutics will post -2.01 EPS for the current year.

In related news, insider Jason Gardner sold 14,000 shares of the stock in a transaction dated Friday, June 21st. The stock was sold at an average price of $15.11, for a total transaction of $211,540.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Michael P. Cooke sold 7,500 shares of the stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $14.40, for a total value of $108,000.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 36,500 shares of company stock valued at $524,440. 10.90% of the stock is owned by corporate insiders.

A number of hedge funds have recently bought and sold shares of the business. Platinum Investment Management Ltd. grew its position 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 buying an additional 16,209 shares during the last quarter. OneAscent Financial Services LLC acquired a new position in shares of Magenta Therapeutics in the 2nd quarter valued at about $166,000. Citadel Advisors LLC lifted its stake 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 during the period. Vanguard Group Inc. lifted its stake 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 during the period. Finally, Laurion Capital Management LP lifted its stake in shares of Magenta Therapeutics by 1,199.4% in the 2nd quarter. Laurion Capital Management LP now owns 143,544 shares of the company’s stock valued at $2,117,000 after purchasing an additional 132,497 shares during the period. Hedge funds and other institutional investors own 63.68% 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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