Barclays Upgrades MacroGenics (NASDAQ:MGNX) to "Strong-Buy"

Key Points

• MacroGenics has been upgraded to a "strong-buy" rating by Barclays, highlighting optimism for the company's stock.
• Despite this upgrade, other analysts have lowered their price targets, with Leerink Partners setting theirs at $5.00 and B. Riley at $3.00, reflecting varying perspectives on the company's outlook.
• Shares of MacroGenics recently increased by 4.1%, bringing its current price to $1.53 with a market cap of approximately $96.71 million.

Barclays upgraded shares of MacroGenics (NASDAQ:MGNX - Free Report) to a strong-buy rating in a research note issued to investors on Tuesday morning,Zacks.com reports.

Several other research firms have also recently commented on MGNX. Wall Street Zen cut MacroGenics from a "hold" rating to a "sell" rating in a research report on Saturday, August 2nd. B. Riley dropped their price objective on MacroGenics from $5.00 to $3.00 and set a "neutral" rating on the stock in a research report on Tuesday, May 20th. Finally, Leerink Partners dropped their price objective on MacroGenics from $8.00 to $5.00 and set an "outperform" rating on the stock in a research report on Friday, August 15th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, MacroGenics has an average rating of "Moderate Buy" and an average target price of $3.60.

MacroGenics Stock Up 6.8%

Shares of NASDAQ MGNX traded up $0.11 during trading on Tuesday, reaching $1.73. The company had a trading volume of 398,121 shares, compared to its average volume of 997,959. MacroGenics has a 12-month low of $0.99 and a 12-month high of $5.10. The stock has a market cap of $109.35 million, a PE ratio of -3.04 and a beta of 1.63. The business's 50-day moving average is $1.64 and its 200 day moving average is $1.57.

MacroGenics (NASDAQ:MGNX - Get Free Report) last released its earnings results 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 for the quarter, compared to analysts' expectations of $28.06 million. On average, analysts anticipate that MacroGenics will post -1.06 earnings per share for the current year.

Insider Transactions at MacroGenics

In other news, Director William K. Heiden bought 50,500 shares of the company's stock in a transaction on Tuesday, August 19th. The shares were acquired at an average cost of $1.52 per share, with a total value of $76,760.00. Following the completion of the transaction, the director owned 61,500 shares of the company's stock, valued at approximately $93,480. This trade represents a 459.09% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 13.00% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Armistice Capital LLC boosted its position in MacroGenics by 0.3% in the first quarter. Armistice Capital LLC now owns 6,296,000 shares of the biopharmaceutical company's stock worth $7,996,000 after purchasing an additional 20,000 shares during the last quarter. Acadian Asset Management LLC boosted its position in MacroGenics by 7.9% in the second quarter. Acadian Asset Management LLC now owns 2,491,703 shares of the biopharmaceutical company's stock worth $3,008,000 after purchasing an additional 183,054 shares during the last quarter. EcoR1 Capital LLC purchased a new position in MacroGenics in the second quarter worth about $1,939,000. Two Sigma Advisers LP boosted its position in MacroGenics by 7.1% in the fourth quarter. Two Sigma Advisers LP now owns 1,118,600 shares of the biopharmaceutical company's stock worth $3,635,000 after purchasing an additional 74,596 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its position in MacroGenics by 9.6% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 816,054 shares of the biopharmaceutical company's stock worth $1,036,000 after purchasing an additional 71,152 shares during the last quarter. 96.89% of the stock is owned by hedge funds and other 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.