Wall Street Zen Downgrades MacroGenics (NASDAQ:MGNX) to Sell

Key Points

• MacroGenics has been downgraded from a "hold" to a "sell" rating by Wall Street Zen due to concerns over its performance.
• Analysts have adjusted their target prices for the stock down to an average of $5.33, with Barclays and B. Riley both lowering their targets to $3.00.
• MacroGenics reported a loss of ($0.65) earnings per share for the last quarter, missing estimates, despite achieving a revenue of $13.19 million that surpassed forecasts.

Wall Street Zen cut shares of MacroGenics (NASDAQ:MGNX - Free Report) from a hold rating to a sell rating in a report released on Saturday.

Other research analysts have also recently issued reports about the stock. Stifel Nicolaus decreased their price objective on shares of MacroGenics from $6.00 to $5.00 and set a "hold" rating on the stock in a research note on Wednesday, May 14th. Barclays reissued an "overweight" rating and issued a $3.00 price objective (down from $8.00) on shares of MacroGenics in a research note on Wednesday, May 14th. Finally, B. Riley decreased their price objective on shares of MacroGenics from $5.00 to $3.00 and set a "neutral" rating on the stock in a research note on Tuesday, May 20th. One analyst has rated the stock with a sell rating, five have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, MacroGenics currently has a consensus rating of "Hold" and a consensus target price of $5.33.

MacroGenics Price Performance

MGNX stock traded up $0.06 during trading hours on Friday, reaching $1.64. 289,281 shares of the stock were exchanged, compared to its average volume of 948,232. The firm's 50-day moving average is $1.49 and its 200-day moving average is $1.84. The company has a market cap of $103.47 million, a price-to-earnings ratio of -1.84 and a beta of 1.65. MacroGenics has a 12 month low of $0.99 and a 12 month high of $5.10.

MacroGenics (NASDAQ:MGNX - Get Free Report) last posted its quarterly earnings data on Tuesday, May 13th. The biopharmaceutical company reported ($0.65) EPS for the quarter, missing analysts' consensus estimates of ($0.61) by ($0.04). MacroGenics had a negative return on equity of 59.84% and a negative net margin of 36.23%. The business had revenue of $13.19 million for the quarter, compared to analyst estimates of $9.59 million. As a group, equities research analysts forecast that MacroGenics will post -1.06 earnings per share for the current year.

Institutional Trading of MacroGenics

Several large investors have recently added to or reduced their stakes in the business. Acadian Asset Management LLC raised its stake in MacroGenics by 78.8% during the first quarter. Acadian Asset Management LLC now owns 2,308,649 shares of the biopharmaceutical company's stock valued at $2,923,000 after purchasing an additional 1,017,726 shares in the last quarter. Wasatch Advisors LP grew its holdings in MacroGenics by 37.6% during the 4th quarter. Wasatch Advisors LP now owns 3,488,493 shares of the biopharmaceutical company's stock worth $11,338,000 after acquiring an additional 952,691 shares in the last quarter. Schonfeld Strategic Advisors LLC bought a new stake in shares of MacroGenics in the 4th quarter valued at about $2,787,000. JPMorgan Chase & Co. boosted its holdings in shares of MacroGenics by 68.3% in the 4th quarter. JPMorgan Chase & Co. now owns 546,807 shares of the biopharmaceutical company's stock valued at $1,777,000 after buying an additional 221,905 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its stake in MacroGenics by 69.1% in the 4th quarter. Renaissance Technologies LLC now owns 538,523 shares of the biopharmaceutical company's stock worth $1,750,000 after purchasing an additional 220,100 shares in the last quarter. 96.89% of the stock is currently 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.