Pinnacle Associates Ltd. lowered its position in shares of MacroGenics Inc (NASDAQ:MGNX) by 13.7% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 681,940 shares of the biopharmaceutical company’s stock after selling 108,160 shares during the quarter. Pinnacle Associates Ltd. owned approximately 1.62% of MacroGenics worth $14,082,000 as of its most recent SEC filing.
Several other institutional investors have also recently made changes to their positions in the business. SG Americas Securities LLC purchased a new stake in shares of MacroGenics in the first quarter valued at approximately $119,000. Algert Global LLC purchased a new stake in shares of MacroGenics in the second quarter valued at approximately $203,000. Alambic Investment Management L.P. purchased a new stake in shares of MacroGenics in the first quarter valued at approximately $215,000. MetLife Investment Advisors LLC purchased a new stake in shares of MacroGenics in the fourth quarter valued at approximately $281,000. Finally, Fox Run Management L.L.C. purchased a new stake in shares of MacroGenics in the second quarter valued at approximately $316,000. 89.80% of the stock is owned by institutional investors and hedge funds.
A number of research firms have recently issued reports on MGNX. Zacks Investment Research lowered MacroGenics from a “buy” rating to a “hold” rating in a research report on Saturday, August 11th. BidaskClub upgraded MacroGenics from a “sell” rating to a “hold” rating in a research report on Saturday, August 11th. ValuEngine upgraded MacroGenics from a “hold” rating to a “buy” rating in a research report on Thursday, August 2nd. HC Wainwright restated a “buy” rating and set a $34.00 price target on shares of MacroGenics in a research report on Wednesday, August 8th. Finally, Cowen restated a “buy” rating on shares of MacroGenics in a research report on Wednesday, August 8th. Four analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. MacroGenics currently has a consensus rating of “Buy” and a consensus price target of $30.67.
MGNX opened at $20.01 on Friday. The firm has a market cap of $900.92 million, a PE ratio of -37.06 and a beta of 2.41. MacroGenics Inc has a 52 week low of $15.33 and a 52 week high of $32.74.
MacroGenics (NASDAQ:MGNX) last announced its quarterly earnings data on Tuesday, August 7th. The biopharmaceutical company reported ($1.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.20) by $0.17. The business had revenue of $18.83 million for the quarter, compared to analysts’ expectations of $4.41 million. MacroGenics had a negative return on equity of 13.01% and a negative net margin of 19.20%. equities research analysts predict that MacroGenics Inc will post -4.72 EPS for the current year.
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.
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