MacroGenics (NASDAQ:MGNX) Price Target Lowered to $2.00 at HC Wainwright

MacroGenics (NASDAQ:MGNX) had its price target reduced by equities research analysts at HC Wainwright from $4.00 to $2.00 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the biopharmaceutical company’s stock. HC Wainwright’s price target would indicate a potential upside of 2.04% from the stock’s current price.

Separately, StockNews.com cut shares of MacroGenics from a “buy” rating to a “hold” rating in a report on Friday. Nine research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, MacroGenics currently has a consensus rating of “Hold” and a consensus price target of $7.38.

MacroGenics Price Performance

MGNX stock opened at $1.96 on Tuesday. MacroGenics has a 1 year low of $1.89 and a 1 year high of $19.54. The company has a market cap of $123.02 million, a P/E ratio of -1.24 and a beta of 2.12. The stock’s fifty day moving average price is $2.63 and its 200-day moving average price is $3.21.

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

Hedge Funds Weigh In On MacroGenics

A number of hedge funds have recently made changes to their positions in MGNX. Wellington Management Group LLP raised its stake in MacroGenics by 5.4% during the 4th quarter. Wellington Management Group LLP now owns 323,857 shares of the biopharmaceutical company’s stock valued at $1,053,000 after purchasing an additional 16,717 shares during the period. Frazier Life Sciences Management L.P. raised its position in shares of MacroGenics by 5.5% during the fourth quarter. Frazier Life Sciences Management L.P. now owns 3,175,665 shares of the biopharmaceutical company’s stock valued at $10,321,000 after buying an additional 164,938 shares during the last quarter. Two Sigma Advisers LP lifted its holdings in shares of MacroGenics by 7.1% in the fourth quarter. Two Sigma Advisers LP now owns 1,118,600 shares of the biopharmaceutical company’s stock worth $3,635,000 after buying an additional 74,596 shares in the last quarter. ProShare Advisors LLC increased its holdings in MacroGenics by 32.4% in the 4th quarter. ProShare Advisors LLC now owns 20,284 shares of the biopharmaceutical company’s stock valued at $66,000 after acquiring an additional 4,963 shares during the last quarter. Finally, Lazard Asset Management LLC bought a new stake in MacroGenics in the 4th quarter valued at $32,000. Institutional investors own 96.89% of the company’s stock.

MacroGenics Company Profile

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.