Bank of America Corp DE Buys 564,094 Shares of MacroGenics, Inc. $MGNX

Key Points

• Bank of America increased its MacroGenics stake by 30.7% in the first quarter, purchasing 564,094 shares to hold 2.40 million shares, or 3.78% of the company. Institutional investors collectively own 96.89% of MGNX.
• Analyst sentiment remains mixed: B. Riley raised its price target to $11 and maintained a “buy” rating, while the overall consensus is “Hold” with a $6.33 price target.
• MacroGenics reported quarterly EPS of $0.31, beating the expected loss of $0.08, but revenue of $32.83 million fell well short of the $59.14 million consensus estimate. The stock opened at $4.17, with a market capitalization of approximately $265.6 million.

Bank of America Corp DE increased its stake in shares of MacroGenics, Inc. (NASDAQ:MGNX - Free Report) by 30.7% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 2,401,814 shares of the biopharmaceutical company's stock after purchasing an additional 564,094 shares during the period. Bank of America Corp DE owned 3.78% of MacroGenics worth $6,941,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the stock. GSA Capital Partners LLP increased its position in shares of MacroGenics by 740.5% during the fourth quarter. GSA Capital Partners LLP now owns 511,004 shares of the biopharmaceutical company's stock valued at $823,000 after buying an additional 450,203 shares during the period. Jefferies Financial Group Inc. bought a new position in shares of MacroGenics in the fourth quarter valued at approximately $2,964,000. Armistice Capital LLC grew its stake in MacroGenics by 6.1% during the fourth quarter. Armistice Capital LLC now owns 6,324,000 shares of the biopharmaceutical company's stock valued at $10,182,000 after acquiring an additional 364,000 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH grew its stake in MacroGenics by 42.9% during the fourth quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 300,000 shares of the biopharmaceutical company's stock valued at $468,000 after acquiring an additional 90,000 shares in the last quarter. Finally, R Squared Ltd bought a new stake in MacroGenics during the 4th quarter worth approximately $26,000. Institutional investors own 96.89% of the company's stock.

Insider Buying and Selling

In other news, VP Jeffrey Stuart Peters sold 31,105 shares of the company's stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $4.15, for a total value of $129,085.75. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 13.60% of the company's stock.

Wall Street Analyst Weigh In

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

MacroGenics Stock Up 3.7%

MGNX opened at $4.17 on Wednesday. The business's fifty day simple moving average is $4.25 and its 200 day simple moving average is $3.51. MacroGenics, Inc. has a 52 week low of $1.29 and a 52 week high of $5.08. The stock has a market cap of $265.63 million, a PE ratio of -18.95 and a beta of 1.20.

MacroGenics (NASDAQ:MGNX - Get Free Report) last released its earnings results on Thursday, August 13th. The biopharmaceutical company reported $0.31 earnings per share for the quarter, topping analysts' consensus estimates of ($0.08) by $0.39. The company had revenue of $32.83 million during the quarter, compared to the consensus estimate of $59.14 million. MacroGenics had a negative return on equity of 109.26% and a negative net margin of 8.70%. As a group, equities analysts anticipate that MacroGenics, Inc. will post -1.48 earnings per share for the current year.

MacroGenics Profile

MacroGenics, Inc is a clinical-stage biopharmaceutical company focused on the discovery and development of monoclonal antibody–based therapeutics for the treatment of cancer and autoimmune diseases. The company leverages proprietary Fc engineering technologies to enhance immune engagement and extend the activity of its antibodies. Since its founding in 2000, MacroGenics has advanced several product candidates through clinical trials, most notably margetuximab, a HER2-targeted antibody designed to improve outcomes in patients with HER2-positive breast cancer.

Central to MacroGenics' research platform are its ADAPTIR and Trident bispecific antibody technologies.

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