MacroGenics (NASDAQ:MGNX) Stock Rating Reaffirmed by HC Wainwright

HC Wainwright reiterated their neutral rating on shares of MacroGenics (NASDAQ:MGNX) in a report published on Wednesday morning, Benzinga reports. They currently have a $4.00 target price on the biopharmaceutical company’s stock. HC Wainwright also issued estimates for MacroGenics’ Q3 2024 earnings at $0.81 EPS, Q4 2024 earnings at ($0.81) EPS, FY2024 earnings at ($1.72) EPS, Q1 2025 earnings at ($0.85) EPS, Q2 2025 earnings at ($0.87) EPS, Q3 2025 earnings at ($0.89) EPS, Q4 2025 earnings at ($0.91) EPS and FY2025 earnings at ($3.51) EPS.

A number of other research firms have also commented on MGNX. BMO Capital Markets reduced their price target on shares of MacroGenics from $8.00 to $5.00 and set a market perform rating on the stock in a research report on Wednesday, August 7th. B. Riley lowered shares of MacroGenics from a buy rating to a neutral rating and reduced their target price for the stock from $18.00 to $5.00 in a research report on Wednesday, July 31st. Guggenheim lowered shares of MacroGenics from a buy rating to a neutral rating in a research report on Wednesday, July 31st. Barclays reduced their target price 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. Finally, BTIG Research lowered shares of MacroGenics from a buy rating to a neutral rating in a research report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, MacroGenics presently has a consensus rating of Hold and a consensus target price of $8.11.

MacroGenics Stock Up 4.8 %

NASDAQ:MGNX opened at $3.49 on Wednesday. The firm has a market cap of $218.59 million, a PE ratio of -8.95 and a beta of 2.09. MacroGenics has a 12 month low of $3.14 and a 12 month high of $21.88. The company’s 50-day moving average price is $4.24 and its two-hundred day moving average price is $10.07.

MacroGenics (NASDAQ:MGNX) last released its quarterly earnings results on Tuesday, August 6th. The biopharmaceutical company reported ($0.89) EPS for the quarter, missing analysts’ consensus estimates of ($0.47) by ($0.42). The firm had revenue of $10.80 million during the quarter, compared to analyst estimates of $24.14 million. MacroGenics had a negative net margin of 53.60% and a negative return on equity of 98.01%. On average, research analysts expect that MacroGenics will post -2.19 EPS for the current fiscal year.

Hedge Funds Weigh In On MacroGenics

A number of hedge funds and other institutional investors have recently bought and sold shares of MGNX. Avoro Capital Advisors LLC bought a new position in MacroGenics in the first quarter valued at approximately $90,528,000. Armistice Capital LLC boosted its stake in MacroGenics by 150.0% in the second 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 boosted its stake in MacroGenics by 3,473.7% in the second quarter. Millennium Management LLC now owns 3,312,672 shares of the biopharmaceutical company’s stock valued at $14,079,000 after acquiring an additional 3,219,977 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in MacroGenics by 8,361.6% in the first 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 stake in MacroGenics by 1,689.3% in the second quarter. Marshall Wace LLP now owns 658,007 shares of the biopharmaceutical company’s stock valued at $2,797,000 after acquiring an additional 621,232 shares during the last quarter. 96.89% of the stock is owned by institutional investors.

About MacroGenics

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.