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 downgraded shares of MacroGenics (NASDAQ:MGNX - Free Report) from a hold rating to a sell rating in a research note released on Saturday morning.

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

MacroGenics Stock Performance

Shares of NASDAQ MGNX traded down $0.09 during trading hours on Friday, hitting $1.61. The stock had a trading volume of 137,617 shares, compared to its average volume of 940,202. MacroGenics has a 52 week low of $0.99 and a 52 week high of $5.10. The company has a market capitalization of $101.26 million, a P/E ratio of -1.81 and a beta of 1.65. The firm's 50-day moving average price is $1.50 and its two-hundred day moving average price is $1.83.

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

Hedge Funds Weigh In On MacroGenics

A number of hedge funds have recently made changes to their positions in the stock. American Century Companies Inc. bought a new stake in shares of MacroGenics in the 4th quarter worth about $38,000. JPMorgan Chase & Co. boosted its holdings in shares of MacroGenics by 68.3% during the 4th quarter. JPMorgan Chase & Co. now owns 546,807 shares of the biopharmaceutical company's stock worth $1,777,000 after buying an additional 221,905 shares during the period. Wellington Management Group LLP boosted its holdings in shares of MacroGenics by 5.4% during the 4th quarter. Wellington Management Group LLP now owns 323,857 shares of the biopharmaceutical company's stock worth $1,053,000 after buying an additional 16,717 shares during the period. Geode Capital Management LLC boosted its holdings in shares of MacroGenics by 1.9% during the 4th quarter. Geode Capital Management LLC now owns 1,433,217 shares of the biopharmaceutical company's stock worth $4,659,000 after buying an additional 26,341 shares during the period. Finally, Wells Fargo & Company MN boosted its holdings in shares of MacroGenics by 45.4% during the 4th quarter. Wells Fargo & Company MN now owns 29,838 shares of the biopharmaceutical company's stock worth $97,000 after buying an additional 9,312 shares during the period. Institutional investors and hedge funds own 96.89% of the company's stock.

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.