MacroGenics (NASDAQ:MGNX) Share Price Crosses Below 200-Day Moving Average - Here's Why

MacroGenics, Inc. (NASDAQ:MGNX - Get Free Report) shares crossed below its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $2.06 and traded as low as $1.34. MacroGenics shares last traded at $1.36, with a volume of 533,521 shares changing hands.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on MGNX. Wall Street Zen cut shares of MacroGenics from a "hold" rating to a "sell" rating in a report on Friday, June 27th. HC Wainwright cut their price objective on shares of MacroGenics from $4.00 to $2.00 and set a "neutral" rating for the company in a report on Tuesday, March 25th. B. Riley cut their price objective on shares of MacroGenics from $5.00 to $3.00 and set a "neutral" rating for the company in a report on Tuesday, May 20th. Barclays reissued an "overweight" rating and set a $3.00 target price (down previously from $8.00) on shares of MacroGenics in a research note on Wednesday, May 14th. Finally, Stifel Nicolaus cut their target price on shares of MacroGenics from $6.00 to $5.00 and set a "hold" rating for the company in a research note on Wednesday, May 14th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, MacroGenics has a consensus rating of "Hold" and a consensus target price of $5.71.

MacroGenics Price Performance

The firm has a market cap of $85.80 million, a PE ratio of -1.53 and a beta of 1.59. The business's 50 day moving average price is $1.49 and its 200 day moving average price is $2.06.

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 for the quarter, missing analysts' consensus estimates of ($0.61) by ($0.04). The business had revenue of $13.19 million for the quarter, compared to analyst estimates of $9.59 million. MacroGenics had a negative return on equity of 59.84% and a negative net margin of 36.23%. As a group, analysts predict that MacroGenics, Inc. will post -1.06 earnings per share for the current year.

Hedge Funds Weigh In On MacroGenics

A number of institutional investors and hedge funds have recently bought and sold shares of the business. ProShare Advisors LLC boosted its position in MacroGenics by 32.4% during the fourth quarter. ProShare Advisors LLC now owns 20,284 shares of the biopharmaceutical company's stock worth $66,000 after acquiring an additional 4,963 shares during the last quarter. Wells Fargo & Company MN boosted its position in MacroGenics by 45.4% during the fourth quarter. Wells Fargo & Company MN now owns 29,838 shares of the biopharmaceutical company's stock worth $97,000 after acquiring an additional 9,312 shares during the last quarter. Exchange Traded Concepts LLC boosted its position in MacroGenics by 19.7% during the first quarter. Exchange Traded Concepts LLC now owns 58,434 shares of the biopharmaceutical company's stock worth $74,000 after acquiring an additional 9,611 shares during the last quarter. Lazard Asset Management LLC acquired a new position in MacroGenics in the 4th quarter valued at about $32,000. Finally, American Century Companies Inc. acquired a new position in MacroGenics in the 4th quarter valued at about $38,000. 96.89% of the stock is currently owned by institutional investors and hedge funds.

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.

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