MacroGenics (NASDAQ:MGNX) Shares Cross Above 50-Day Moving Average - Here's Why

Shares of MacroGenics, Inc. (NASDAQ:MGNX - Get Free Report) passed above its fifty day moving average during trading on Monday . The stock has a fifty day moving average of $1.48 and traded as high as $1.56. MacroGenics shares last traded at $1.47, with a volume of 306,300 shares trading hands.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on MGNX shares. Wall Street Zen raised MacroGenics from a "sell" rating to a "hold" rating in a research report on Saturday, July 12th. B. Riley dropped their price objective on MacroGenics from $5.00 to $3.00 and set a "neutral" rating on the stock in a research note on Tuesday, May 20th. Barclays reiterated an "overweight" rating and set a $3.00 price objective (down previously from $8.00) on shares of MacroGenics in a research note on Wednesday, May 14th. Finally, Stifel Nicolaus lowered their target price on shares of MacroGenics from $6.00 to $5.00 and set a "hold" rating on the stock in a report on Wednesday, May 14th. Eight equities research 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 company. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $5.71.

MacroGenics Stock Performance

The firm has a market capitalization of $106.31 million, a price-to-earnings ratio of -1.89 and a beta of 1.59. The business has a fifty day moving average of $1.48 and a two-hundred day moving average of $1.94.

MacroGenics (NASDAQ:MGNX - Get Free Report) last released its quarterly earnings data on Tuesday, May 13th. The biopharmaceutical company reported ($0.65) EPS for the quarter, missing the consensus estimate 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 company had revenue of $13.19 million during the quarter, compared to analyst estimates of $9.59 million. As a group, sell-side analysts predict that MacroGenics, Inc. will post -1.06 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. ProShare Advisors LLC grew its position in shares of MacroGenics by 32.4% in the fourth quarter. ProShare Advisors LLC now owns 20,284 shares of the biopharmaceutical company's stock valued at $66,000 after purchasing an additional 4,963 shares during the last quarter. Wells Fargo & Company MN grew its holdings in MacroGenics by 45.4% in the 4th quarter. Wells Fargo & Company MN now owns 29,838 shares of the biopharmaceutical company's stock valued at $97,000 after buying an additional 9,312 shares in the last quarter. Exchange Traded Concepts LLC grew its holdings in MacroGenics by 19.7% in the 1st quarter. Exchange Traded Concepts LLC now owns 58,434 shares of the biopharmaceutical company's stock valued at $74,000 after buying an additional 9,611 shares in the last quarter. Lazard Asset Management LLC acquired a new position in MacroGenics in the 4th quarter valued at $32,000. Finally, American Century Companies Inc. acquired a new position in MacroGenics in the 4th quarter valued at $38,000. 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.