MacroGenics (NASDAQ:MGNX) Now Covered by Analysts at Barclays

Key Points

• Barclays has reiterated an "overweight" rating on MacroGenics (NASDAQ:MGNX) with a price target of $3.00, suggesting a potential upside of 104.08% from the current price.
• The stock's recent performance shows a 52-week low of $0.99 and a high of $5.10, currently pricing at $1.47.
• Recent insider activity includes Director William K. Heiden purchasing 49,500 shares at an average cost of $1.49, increasing his ownership by 80.49%.

Stock analysts at Barclays initiated coverage on shares of MacroGenics (NASDAQ:MGNX - Get Free Report) in a note issued to investors on Wednesday, Marketbeat.com reports. The brokerage set an "overweight" rating and a $3.00 price target on the biopharmaceutical company's stock. Barclays's target price would indicate a potential upside of 85.19% from the company's current price.

Other research analysts also recently issued reports about the company. Wall Street Zen downgraded MacroGenics from a "hold" rating to a "sell" rating in a research note on Saturday, August 2nd. B. Riley reduced their target price on MacroGenics from $5.00 to $3.00 and set a "neutral" rating for the company in a research note on Tuesday, May 20th. Finally, Leerink Partners reduced their target price on MacroGenics from $8.00 to $5.00 and set an "outperform" rating for the company in a research note on Friday, August 15th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, MacroGenics has an average rating of "Moderate Buy" and an average price target of $3.60.

MacroGenics Stock Performance

MacroGenics stock traded down $0.11 during midday trading on Wednesday, reaching $1.62. The stock had a trading volume of 923,220 shares, compared to its average volume of 1,028,018. The stock has a market capitalization of $102.39 million, a P/E ratio of -2.84 and a beta of 1.63. MacroGenics has a 1-year low of $0.99 and a 1-year high of $5.10. The firm's fifty day simple moving average is $1.63 and its 200-day simple moving average is $1.58.

MacroGenics (NASDAQ:MGNX - Get Free Report) last posted its quarterly earnings results on Thursday, August 14th. The biopharmaceutical company reported ($0.57) earnings per share for the quarter, topping the consensus estimate of ($0.59) by $0.02. The firm had revenue of $22.24 million for the quarter, compared to analyst estimates of $28.06 million. MacroGenics had a negative return on equity of 40.24% and a negative net margin of 21.99%. On average, sell-side analysts anticipate that MacroGenics will post -1.06 earnings per share for the current fiscal year.

Insider Activity at MacroGenics

In other MacroGenics news, Director William K. Heiden bought 49,500 shares of the business's stock in a transaction that occurred on Wednesday, August 20th. The shares were bought at an average price of $1.49 per share, for a total transaction of $73,755.00. Following the transaction, the director directly owned 111,000 shares in the company, valued at approximately $165,390. This trade represents a 80.49% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 13.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Nuveen LLC bought a new position in MacroGenics in the first quarter worth approximately $252,000. Lazard Asset Management LLC bought a new position in MacroGenics in the fourth quarter worth approximately $32,000. Deutsche Bank AG boosted its holdings in MacroGenics by 3,803.2% in the first quarter. Deutsche Bank AG now owns 51,093 shares of the biopharmaceutical company's stock worth $65,000 after acquiring an additional 49,784 shares in the last quarter. Exchange Traded Concepts LLC boosted its holdings in MacroGenics by 19.7% in the first quarter. Exchange Traded Concepts LLC now owns 58,434 shares of the biopharmaceutical company's stock worth $74,000 after acquiring an additional 9,611 shares in the last quarter. Finally, Acadian Asset Management LLC boosted its holdings in MacroGenics by 78.8% in the first quarter. Acadian Asset Management LLC now owns 2,308,649 shares of the biopharmaceutical company's stock worth $2,923,000 after acquiring an additional 1,017,726 shares in the last quarter. Institutional investors own 96.89% of the company's stock.

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.