MacroGenics (NASDAQ:MGNX) Downgraded to Market Perform Rating by JMP Securities

MacroGenics (NASDAQ:MGNX) was downgraded by investment analysts at JMP Securities from an “outperform” rating to a “market perform” rating in a research note issued to investors on Thursday, FinViz reports.

MGNX has been the topic of several other reports. BTIG Research downgraded MacroGenics from a “buy” rating to a “neutral” rating in a report on Thursday, August 1st. Evercore ISI raised shares of MacroGenics to a “strong-buy” rating in a report on Monday, September 16th. Guggenheim lowered shares of MacroGenics from a “buy” rating to a “neutral” rating in a report on Wednesday, July 31st. Citigroup cut their target price on shares of MacroGenics from $16.00 to $14.00 and set a “buy” rating on the stock in a research note on Thursday, August 15th. Finally, Barclays reduced their price target on shares of MacroGenics from $14.00 to $9.00 and set an “overweight” rating on the stock in a research report on Monday, July 29th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, MacroGenics has a consensus rating of “Hold” and an average target price of $8.11.

MacroGenics Stock Up 11.1 %

MacroGenics stock opened at $4.19 on Thursday. The firm has a fifty day moving average of $3.57 and a 200-day moving average of $5.12. MacroGenics has a 52-week low of $2.95 and a 52-week high of $21.88. The firm has a market capitalization of $262.80 million, a P/E ratio of -1.90 and a beta of 2.08.

MacroGenics (NASDAQ:MGNX) last announced its quarterly earnings results on Tuesday, November 5th. The biopharmaceutical company reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.73. The firm had revenue of $110.71 million during the quarter, compared to the consensus estimate of $97.04 million. MacroGenics had a negative return on equity of 146.01% and a negative net margin of 332.47%. On average, research analysts expect that MacroGenics will post -1.72 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in MGNX. Avoro Capital Advisors LLC acquired a new position in shares of MacroGenics during the first quarter valued at $90,528,000. Armistice Capital LLC lifted its holdings in MacroGenics by 150.0% in the 2nd quarter. Armistice Capital LLC now owns 6,000,000 shares of the biopharmaceutical company’s stock valued at $25,500,000 after acquiring an additional 3,600,000 shares during the last quarter. Millennium Management LLC lifted its stake in MacroGenics by 3,473.7% during the second quarter. Millennium Management LLC now owns 3,312,672 shares of the biopharmaceutical company’s stock valued at $14,079,000 after purchasing an additional 3,219,977 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of MacroGenics by 8,361.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,438,050 shares of the biopharmaceutical company’s stock valued at $35,889,000 after acquiring an additional 2,409,237 shares during the last quarter. Finally, Marshall Wace LLP boosted its position in shares of MacroGenics by 1,689.3% in the 2nd quarter. Marshall Wace LLP now owns 658,007 shares of the biopharmaceutical company’s stock valued at $2,797,000 after purchasing an additional 621,232 shares during the period. 96.89% of the stock is currently owned by institutional investors.

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.