MacroGenics (NASDAQ:MGNX) Reaches New 52-Week Low Following Analyst Downgrade

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MacroGenics Inc (NASDAQ:MGNX) shares reached a new 52-week low during trading on Wednesday after HC Wainwright lowered their price target on the stock from $39.00 to $18.00. HC Wainwright currently has a buy rating on the stock. MacroGenics traded as low as $9.60 and last traded at $9.62, with a volume of 79940 shares changing hands. The stock had previously closed at $11.03.

Other analysts have also recently issued reports about the stock. Stifel Nicolaus decreased their price target on shares of MacroGenics from $29.00 to $25.00 and set a “buy” rating on the stock in a research note on Thursday, August 1st. BidaskClub lowered shares of MacroGenics from a “sell” rating to a “strong sell” rating in a report on Friday, July 19th. ValuEngine lowered shares of MacroGenics from a “buy” rating to a “hold” rating in a report on Monday, July 8th. Wedbush cut their price objective on shares of MacroGenics from $23.00 to $14.00 and set an “outperform” rating on the stock in a report on Wednesday. Finally, Leerink Swann restated an “outperform” rating and issued a $18.00 price objective (down from $26.00) on shares of MacroGenics in a report on Wednesday. One analyst has rated the stock with a sell rating, five have given a hold rating and nine have issued a buy rating to the company. MacroGenics currently has an average rating of “Buy” and a consensus price target of $26.71.

A number of hedge funds and other institutional investors have recently made changes to their positions in MGNX. Marshall Wace LLP acquired a new position in MacroGenics in the first quarter valued at approximately $80,000. Marshall Wace North America L.P. acquired a new position in MacroGenics in the first quarter valued at approximately $59,000. Aperio Group LLC lifted its holdings in MacroGenics by 80.4% in the second quarter. Aperio Group LLC now owns 27,955 shares of the biopharmaceutical company’s stock valued at $474,000 after buying an additional 12,461 shares during the period. Candriam Luxembourg S.C.A. lifted its holdings in MacroGenics by 12.8% in the second quarter. Candriam Luxembourg S.C.A. now owns 750,988 shares of the biopharmaceutical company’s stock valued at $12,688,000 after buying an additional 85,500 shares during the period. Finally, Swiss National Bank lifted its holdings in MacroGenics by 4.2% in the second quarter. Swiss National Bank now owns 86,200 shares of the biopharmaceutical company’s stock valued at $1,463,000 after buying an additional 3,500 shares during the period. Institutional investors and hedge funds own 95.88% of the company’s stock.

The company’s fifty day simple moving average is $12.38 and its two-hundred day simple moving average is $15.22. The company has a quick ratio of 5.81, a current ratio of 5.81 and a debt-to-equity ratio of 0.08. The company has a market capitalization of $556.16 million, a price-to-earnings ratio of -2.23 and a beta of 2.34.

MacroGenics (NASDAQ:MGNX) last posted its earnings results on Wednesday, July 31st. The biopharmaceutical company reported ($0.65) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.96) by $0.31. The company had revenue of $10.59 million for the quarter, compared to analyst estimates of $17.58 million. MacroGenics had a negative net margin of 273.47% and a negative return on equity of 54.52%. Equities research analysts expect that MacroGenics Inc will post -3.33 earnings per share for the current year.

About MacroGenics (NASDAQ:MGNX)

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.

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