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

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 published on Tuesday morning,Zacks.com reports.

Other analysts have also issued reports about the company. B. Riley lowered their target price on MacroGenics from $5.00 to $3.00 and set a "neutral" rating on the stock in a research note on Tuesday, May 20th. Leerink Partners lowered their target price on MacroGenics from $8.00 to $5.00 and set an "outperform" rating on the stock in a research note on Friday, August 15th. Finally, Wall Street Zen lowered MacroGenics from a "hold" rating to a "sell" rating in a research note on Saturday, August 2nd. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $3.60.

MacroGenics Stock Down 6.4%

MGNX stock traded down $0.11 during midday trading on Tuesday, hitting $1.62. The company's stock had a trading volume of 923,220 shares, compared to its average volume of 1,028,018. The stock's 50-day moving average price is $1.63 and its 200 day moving average price is $1.58. MacroGenics has a 1 year low of $0.99 and a 1 year high of $5.10. The stock has a market cap of $102.40 million, a price-to-earnings ratio of -2.84 and a beta of 1.63.

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

Insider Buying and Selling

In other news, Director William K. Heiden purchased 50,500 shares of the business's stock in a transaction on Tuesday, August 19th. The stock was purchased at an average cost of $1.52 per share, with a total value of $76,760.00. Following the acquisition, the director directly owned 61,500 shares in the company, valued at approximately $93,480. This trade represents a 459.09% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 13.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On MacroGenics

A number of institutional investors have recently added to or reduced their stakes in the business. Armistice Capital LLC increased its stake in MacroGenics by 0.3% in the 1st quarter. Armistice Capital LLC now owns 6,296,000 shares of the biopharmaceutical company's stock worth $7,996,000 after acquiring an additional 20,000 shares during the last quarter. Acadian Asset Management LLC increased its position in shares of MacroGenics by 7.9% during the 2nd quarter. Acadian Asset Management LLC now owns 2,491,703 shares of the biopharmaceutical company's stock valued at $3,008,000 after purchasing an additional 183,054 shares during the last quarter. EcoR1 Capital LLC bought a new position in shares of MacroGenics during the 2nd quarter valued at about $1,939,000. Two Sigma Advisers LP increased its position in shares of MacroGenics by 7.1% during the 4th quarter. Two Sigma Advisers LP now owns 1,118,600 shares of the biopharmaceutical company's stock valued at $3,635,000 after purchasing an additional 74,596 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its position in shares of MacroGenics by 9.6% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 816,054 shares of the biopharmaceutical company's stock valued at $1,036,000 after purchasing an additional 71,152 shares during the last quarter. 96.89% of the stock is currently owned by institutional investors.

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.