MacroGenics (NASDAQ:MGNX) Raised to "Buy" at B. Riley Financial

Key Points

• B. Riley upgraded MacroGenics to a "Buy" from "Neutral" and set a $9.00 price target, implying roughly a 161.6% upside from the stock's prior close.
• MacroGenics beat expectations last quarter with EPS of ($0.22) vs. ($0.42) expected and revenue of $41.23M vs. $27.81M, but remains unprofitable (negative net margin ~49.9%, ROE -120%) and analysts project about -1.06 EPS for the year; shares trade around $3.44 with an average analyst target of $5.00 and a consensus "Hold".

MacroGenics (NASDAQ:MGNX - Get Free Report) was upgraded by investment analysts at B. Riley Financial from a "neutral" rating to a "buy" rating in a note issued to investors on Friday, Marketbeat Ratings reports. The firm presently has a $9.00 price target on the biopharmaceutical company's stock. B. Riley Financial's price target indicates a potential upside of 161.63% from the stock's previous close.

A number of other brokerages have also issued reports on MGNX. Citigroup reissued a "market perform" rating on shares of MacroGenics in a report on Tuesday, February 24th. Zacks Research downgraded MacroGenics from a "strong-buy" rating to a "hold" rating in a research note on Thursday, January 1st. Weiss Ratings reiterated a "sell (d-)" rating on shares of MacroGenics in a research report on Monday, December 22nd. Wall Street Zen raised MacroGenics from a "sell" rating to a "hold" rating in a research note on Saturday, March 14th. Finally, Barclays raised their price target on MacroGenics from $3.00 to $4.00 and gave the company an "overweight" rating in a report on Tuesday, March 10th. Three research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $5.00.

MacroGenics Stock Down 0.3%

Shares of NASDAQ:MGNX opened at $3.44 on Friday. The company's 50-day moving average price is $2.41 and its 200 day moving average price is $1.90. The company has a market cap of $218.63 million, a PE ratio of -2.94 and a beta of 1.09. MacroGenics has a fifty-two week low of $1.10 and a fifty-two week high of $3.54.

MacroGenics (NASDAQ:MGNX - Get Free Report) last announced its quarterly earnings results on Monday, March 9th. The biopharmaceutical company reported ($0.22) EPS for the quarter, beating the consensus estimate of ($0.42) by $0.20. The company had revenue of $41.23 million for the quarter, compared to analyst estimates of $27.81 million. MacroGenics had a negative net margin of 49.91% and a negative return on equity of 120.19%. As a group, equities analysts anticipate that MacroGenics will post -1.06 EPS for the current year.

Institutional Investors Weigh In On MacroGenics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MGNX. R Squared Ltd acquired a new stake in MacroGenics in the fourth quarter worth approximately $26,000. Engineers Gate Manager LP bought a new stake in shares of MacroGenics in the 2nd quarter worth $28,000. SG Americas Securities LLC lifted its holdings in shares of MacroGenics by 55.9% in the third quarter. SG Americas Securities LLC now owns 17,179 shares of the biopharmaceutical company's stock valued at $29,000 after buying an additional 6,161 shares during the period. Walleye Capital LLC acquired a new stake in shares of MacroGenics in the second quarter valued at $30,000. Finally, Cresset Asset Management LLC boosted its stake in MacroGenics by 52.3% during the second quarter. Cresset Asset Management LLC now owns 26,720 shares of the biopharmaceutical company's stock valued at $32,000 after buying an additional 9,172 shares in the last quarter. Institutional investors own 96.89% of the company's stock.

About MacroGenics

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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