Leerink Partners Lowers MacroGenics (NASDAQ:MGNX) Price Target to $5.00

Key Points

• Leerink Partners has reduced the price target for MacroGenics from $8.00 to $5.00, while maintaining an "outperform" rating, suggesting a potential upside of 213.48% from the stock's previous close.
• Barclays and B. Riley have also cut their price targets for MacroGenics, with Barclays now at $3.00 and B. Riley at $3.00, both reflecting negative sentiment towards the stock.
• MacroGenics' latest quarterly results showed a loss of $0.57 per share, beating estimates slightly, while the company reported revenues of $22.24 million, which fell short of analyst expectations.

MacroGenics (NASDAQ:MGNX - Get Free Report) had its price target decreased by Leerink Partners from $8.00 to $5.00 in a report issued on Friday,Benzinga reports. The brokerage currently has an "outperform" rating on the biopharmaceutical company's stock. Leerink Partners' price target indicates a potential upside of 213.48% from the stock's previous close.

MGNX has been the subject of a number of other reports. Barclays reiterated an "overweight" rating and issued a $3.00 price objective (down from $8.00) on shares of MacroGenics in a report on Wednesday, May 14th. Wall Street Zen cut shares of MacroGenics from a "hold" rating to a "sell" rating in a report on Saturday, August 2nd. B. Riley decreased their price objective on shares of MacroGenics from $5.00 to $3.00 and set a "neutral" rating for the company in a report on Tuesday, May 20th. Finally, Stifel Nicolaus decreased their price objective on shares of MacroGenics from $6.00 to $5.00 and set a "hold" rating for the company in a report on Wednesday, May 14th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $5.33.

MacroGenics Price Performance

MGNX traded down $0.03 on Friday, reaching $1.60. 270,584 shares of the company traded hands, compared to its average volume of 916,308. The stock's 50 day moving average price is $1.52 and its 200-day moving average price is $1.76. MacroGenics has a 52-week low of $0.99 and a 52-week high of $5.10. The company has a market cap of $100.63 million, a price-to-earnings ratio of -1.80 and a beta of 1.65.

MacroGenics (NASDAQ:MGNX - Get Free Report) last announced its quarterly earnings results on Thursday, August 14th. The biopharmaceutical company reported ($0.57) EPS for the quarter, topping the consensus estimate of ($0.59) by $0.02. MacroGenics had a negative net margin of 36.23% and a negative return on equity of 59.84%. The company had revenue of $22.24 million for the quarter, compared to analyst estimates of $28.06 million. As a group, equities research analysts forecast that MacroGenics will post -1.06 earnings per share for the current fiscal year.

Institutional Trading of MacroGenics

Large investors have recently modified their holdings of the company. Lazard Asset Management LLC bought a new stake in shares of MacroGenics during the 4th quarter worth $32,000. Jump Financial LLC bought a new stake in shares of MacroGenics during the 4th quarter worth $44,000. ProShare Advisors LLC boosted its holdings in shares of MacroGenics by 32.4% during the 4th quarter. ProShare Advisors LLC now owns 20,284 shares of the biopharmaceutical company's stock worth $66,000 after buying an additional 4,963 shares during the period. Quadrature Capital Ltd acquired a new position in MacroGenics during the 2nd quarter valued at $26,000. Finally, State of Wyoming acquired a new position in MacroGenics during the 1st quarter valued at $28,000. 96.89% of the stock is 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.

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