MacroGenics (NASDAQ:MGNX) Given New $18.00 Price Target at Citigroup

MacroGenics (NASDAQ:MGNX) had its price objective cut by Citigroup from $39.00 to $18.00 in a report published on Thursday morning, The Fly reports. They currently have a buy rating on the biopharmaceutical company’s stock.

A number of other equities research analysts have also commented on the stock. Leerink Swann lowered their price target on shares of MacroGenics from $26.00 to $18.00 and set an outperform rating for the company in a report on Wednesday, October 23rd. HC Wainwright lowered their price target on shares of MacroGenics from $39.00 to $18.00 and set a buy rating for the company in a report on Wednesday, October 23rd. Stifel Nicolaus lowered their price target on shares of MacroGenics from $29.00 to $25.00 and set a buy rating for the company in a report on Thursday, August 1st. Zacks Investment Research lowered shares of MacroGenics from a buy rating to a hold rating in a report on Friday, November 1st. Finally, Wedbush decreased their price objective on shares of MacroGenics from $23.00 to $14.00 and set an outperform rating for the company in a report on Wednesday, October 23rd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and nine have issued a buy rating to the stock. The stock currently has a consensus rating of Buy and a consensus target price of $24.44.

MGNX stock traded down $0.17 during midday trading on Thursday, reaching $8.25. The company had a trading volume of 534,800 shares, compared to its average volume of 854,817. The firm has a 50-day moving average price of $10.86 and a 200-day moving average price of $14.49. MacroGenics has a 1 year low of $8.24 and a 1 year high of $32.32. The company has a debt-to-equity ratio of 0.08, a current ratio of 5.81 and a quick ratio of 5.81. The company has a market capitalization of $415.59 million, a P/E ratio of -1.97 and a beta of 2.28.

MacroGenics (NASDAQ:MGNX) last posted its quarterly earnings results on Wednesday, November 6th. The biopharmaceutical company reported ($0.91) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.94) by $0.03. MacroGenics had a negative net margin of 273.47% and a negative return on equity of 54.52%. The company had revenue of $18.74 million during the quarter, compared to analyst estimates of $23.33 million. On average, equities analysts predict that MacroGenics will post -3.78 EPS for the current year.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Invesco Ltd. raised its holdings in MacroGenics by 24,014.8% in the 2nd quarter. Invesco Ltd. now owns 4,486,077 shares of the biopharmaceutical company’s stock worth $76,128,000 after purchasing an additional 4,467,474 shares in the last quarter. BlackRock Inc. raised its holdings in MacroGenics by 29.2% in the 2nd quarter. BlackRock Inc. now owns 4,399,564 shares of the biopharmaceutical company’s stock worth $74,662,000 after purchasing an additional 994,872 shares in the last quarter. Vanguard Group Inc. raised its holdings in MacroGenics by 5.3% in the 2nd quarter. Vanguard Group Inc. now owns 3,198,214 shares of the biopharmaceutical company’s stock worth $54,275,000 after purchasing an additional 161,920 shares in the last quarter. Wasatch Advisors Inc. increased its stake in shares of MacroGenics by 10.1% in the 2nd quarter. Wasatch Advisors Inc. now owns 1,422,245 shares of the biopharmaceutical company’s stock worth $24,135,000 after acquiring an additional 130,732 shares in the last quarter. Finally, Nuveen Asset Management LLC bought a new position in shares of MacroGenics in the 2nd quarter worth about $13,561,000. Institutional investors and hedge funds own 95.81% of the company’s stock.

About MacroGenics

MacroGenics, Inc, a biopharmaceutical company, discovers and develops antibody-based therapeutics for the treatment of cancer in the United States. Its pipeline of immuno-oncology product candidates includes Margetuximab, a monoclonal antibody, which is in Phase III clinical trial that targets HER2-expressing tumors, such as various breast and gastroesophageal cancers.

Further Reading: Hedge Funds – Risk or Reward?

The Fly

Analyst Recommendations for MacroGenics (NASDAQ:MGNX)

Receive News & Ratings for MacroGenics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for MacroGenics and related companies with MarketBeat.com's FREE daily email newsletter.



Comments


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on reddit