MacroGenics (NASDAQ:MGNX) Shares Pass Below 200-Day Moving Average - What's Next?

MacroGenics, Inc. (NASDAQ:MGNX - Get Free Report) crossed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $2.27 and traded as low as $1.37. MacroGenics shares last traded at $1.37, with a volume of 849,316 shares trading hands.

Wall Street Analysts Forecast Growth

MGNX has been the subject of several research analyst reports. Barclays reaffirmed 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. B. Riley dropped their price target on MacroGenics from $5.00 to $3.00 and set a "neutral" rating for the company in a research report on Tuesday, May 20th. HC Wainwright dropped their price target on MacroGenics from $4.00 to $2.00 and set a "neutral" rating for the company in a research report on Tuesday, March 25th. Wall Street Zen raised MacroGenics from a "sell" rating to a "hold" rating in a research report on Saturday, June 7th. Finally, Stifel Nicolaus dropped their price target on MacroGenics from $6.00 to $5.00 and set a "hold" rating for the company in a research report on Wednesday, May 14th. Eight analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $5.71.

MacroGenics Price Performance

The firm has a market cap of $82.65 million, a PE ratio of -1.47 and a beta of 1.65. The stock has a 50-day moving average price of $1.52 and a 200 day moving average price of $2.22.

MacroGenics (NASDAQ:MGNX - Get Free Report) last issued its 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). MacroGenics had a negative net margin of 36.23% and a negative return on equity of 59.84%. The firm had revenue of $13.19 million during the quarter, compared to analyst estimates of $9.59 million. As a group, equities research analysts anticipate that MacroGenics, Inc. will post -1.06 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MGNX. Acadian Asset Management LLC boosted its holdings in MacroGenics by 78.8% in 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 acquiring an additional 1,017,726 shares during the last quarter. Wasatch Advisors LP boosted its holdings in MacroGenics by 37.6% in the fourth quarter. Wasatch Advisors LP now owns 3,488,493 shares of the biopharmaceutical company's stock valued at $11,338,000 after acquiring an additional 952,691 shares during the last quarter. Schonfeld Strategic Advisors LLC acquired a new position in shares of MacroGenics during the fourth quarter worth about $2,787,000. JPMorgan Chase & Co. lifted its stake in shares of MacroGenics by 68.3% during the fourth quarter. JPMorgan Chase & Co. now owns 546,807 shares of the biopharmaceutical company's stock worth $1,777,000 after purchasing an additional 221,905 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its stake in shares of MacroGenics by 69.1% during the fourth 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. 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.