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

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 - Free Report) had its target price reduced by Leerink Partners from $8.00 to $5.00 in a report published on Friday,Benzinga reports. Leerink Partners currently has an outperform rating on the biopharmaceutical company's stock.

Other equities research analysts have also issued reports about the company. Wall Street Zen lowered MacroGenics from a "hold" rating to a "sell" rating in a research report on Saturday, August 2nd. Barclays restated an "overweight" rating and set a $3.00 price objective (down from $8.00) on shares of MacroGenics in a research report on Wednesday, May 14th. Stifel Nicolaus decreased their price objective on MacroGenics from $6.00 to $5.00 and set a "hold" rating for the company in a research report on Wednesday, May 14th. Finally, B. Riley decreased their price objective on MacroGenics from $5.00 to $3.00 and set a "neutral" rating for the company in a research report on Tuesday, May 20th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, MacroGenics presently has an average rating of "Moderate Buy" and a consensus target price of $3.60.

MacroGenics Price Performance

NASDAQ MGNX remained flat at $1.49 during trading on Friday. The company's stock had a trading volume of 298,408 shares, compared to its average volume of 909,844. MacroGenics has a 12-month low of $0.99 and a 12-month high of $5.10. The company has a market capitalization of $94.18 million, a price-to-earnings ratio of -2.61 and a beta of 1.65. The stock has a fifty day moving average price of $1.50 and a two-hundred day moving average price of $1.72.

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

Institutional Investors Weigh In On MacroGenics

Institutional investors have recently made changes to their positions in the company. Lazard Asset Management LLC acquired a new stake in shares of MacroGenics during the 4th quarter valued at about $32,000. Jump Financial LLC bought a new stake in MacroGenics during the fourth quarter worth approximately $44,000. ProShare Advisors LLC boosted its position in MacroGenics by 32.4% during the fourth quarter. ProShare Advisors LLC now owns 20,284 shares of the biopharmaceutical company's stock worth $66,000 after purchasing an additional 4,963 shares during the period. Quadrature Capital Ltd acquired a new position in MacroGenics during the second quarter valued at approximately $26,000. Finally, State of Wyoming acquired a new position in MacroGenics during the first quarter valued at approximately $28,000. 96.89% of the stock is currently owned by institutional investors and hedge funds.

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.