2,488,252 Shares in MacroGenics, Inc. $MGNX Acquired by Bank of America Corp DE

Key Points

• Bank of America acquired 2.49 million MacroGenics shares in the second quarter, valued at approximately $11.5 million and representing a 3.91% stake. Institutional investors collectively own 96.89% of the company.
• Analyst sentiment remains mixed, with a consensus rating of “Hold” and an average price target of $6.33; ratings range from Sell to Buy.
• MacroGenics reported quarterly EPS of $0.31, beating expectations, but revenue of $32.83 million fell well short of the $59.14 million consensus estimate. The company remains unprofitable, with analysts expecting a full-year loss of $1.14 per share.

Bank of America Corp DE purchased a new stake in shares of MacroGenics, Inc. (NASDAQ:MGNX - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 2,488,252 shares of the biopharmaceutical company's stock, valued at approximately $11,496,000. Bank of America Corp DE owned about 3.91% of MacroGenics as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Wasatch Advisors LP increased its holdings in MacroGenics by 29.4% during the 2nd quarter. Wasatch Advisors LP now owns 2,018,881 shares of the biopharmaceutical company's stock valued at $9,327,000 after purchasing an additional 459,180 shares during the period. BlackRock Inc. purchased a new stake in MacroGenics in the 2nd quarter worth approximately $21,618,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of MacroGenics in the 2nd quarter worth approximately $4,622,000. Bank of New York Mellon Corp bought a new stake in shares of MacroGenics in the 2nd quarter worth approximately $626,000. Finally, Man Group plc purchased a new position in shares of MacroGenics during the second quarter valued at approximately $869,000. Institutional investors own 96.89% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Weiss Ratings reissued a "sell (d-)" rating on shares of MacroGenics in a research report on Wednesday, August 5th. B. Riley Financial lifted their target price on shares of MacroGenics from $9.00 to $11.00 and gave the company a "buy" rating in a research note on Monday, August 17th. Two equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, MacroGenics presently has a consensus rating of "Hold" and a consensus price target of $6.33.

Insider Buying and Selling at MacroGenics

In other MacroGenics news, VP Jeffrey Peters sold 31,105 shares of MacroGenics stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $4.15, for a total transaction of $129,085.75. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 13.60% of the stock is currently owned by insiders.

MacroGenics Price Performance

MGNX stock opened at $3.74 on Friday. The stock has a market capitalization of $238.24 million, a P/E ratio of -17.00 and a beta of 1.22. MacroGenics, Inc. has a 1-year low of $1.29 and a 1-year high of $5.08. The business has a fifty day moving average price of $4.05 and a 200-day moving average price of $3.86.

MacroGenics (NASDAQ:MGNX - Get Free Report) last released its quarterly earnings data on Thursday, August 13th. The biopharmaceutical company reported $0.31 earnings per share for the quarter, beating the consensus estimate of ($0.08) by $0.39. MacroGenics had a negative net margin of 8.70% and a negative return on equity of 109.26%. The firm had revenue of $32.83 million during the quarter, compared to analysts' expectations of $59.14 million. As a group, analysts anticipate that MacroGenics, Inc. will post -1.14 earnings per share for the current year.

MacroGenics Profile

MacroGenics, Inc is a biopharmaceutical company focused on developing antibody-based therapeutics for cancer and other serious diseases. Headquartered in Rockville, Maryland, the company uses its proprietary DART® and TRIDENT® platforms to design multispecific molecules intended to direct immune-system activity toward diseased cells or modify immune responses.

MacroGenics' development programs have included treatments for hematologic malignancies, solid tumors and autoimmune diseases. Its products include MARGENZA® (margetuximab-cmkb), an antibody for certain patients with HER2-positive metastatic breast cancer, and ZYNYZ® (retifanlimab-dlwr), an immune checkpoint inhibitor approved in the United States for adults with metastatic or recurrent locally advanced Merkel cell carcinoma.

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