MacroGenics (NASDAQ:MGNX) Shares Gap Up to $13.67

Shares of MacroGenics, Inc. (NASDAQ:MGNX - Get Free Report) gapped up before the market opened on Thursday . The stock had previously closed at $13.67, but opened at $15.07. MacroGenics shares last traded at $17.55, with a volume of 1,096,368 shares traded.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on MGNX. Citigroup raised MacroGenics from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $7.00 to $13.00 in a research report on Wednesday, December 20th. TheStreet cut MacroGenics from a "c" rating to a "d" rating in a research report on Thursday, March 7th. HC Wainwright cut MacroGenics from a "buy" rating to a "neutral" rating and increased their price target for the company from $12.00 to $14.00 in a research report on Wednesday, February 14th. BTIG Research increased their price target on MacroGenics from $12.00 to $24.00 and gave the company a "buy" rating in a research report on Monday, March 4th. Finally, JMP Securities reissued a "market outperform" rating on shares of MacroGenics in a research report on Thursday. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $17.00.

MacroGenics Stock Performance

The firm has a market capitalization of $1.11 billion, a price-to-earnings ratio of -111.13 and a beta of 2.09. The company has a fifty day moving average of $16.54 and a two-hundred day moving average of $10.64.

MacroGenics (NASDAQ:MGNX - Get Free Report) last released its quarterly earnings results on Thursday, March 7th. The biopharmaceutical company reported ($0.75) earnings per share for the quarter, missing the consensus estimate of ($0.26) by ($0.49). The firm had revenue of $10.72 million for the quarter, compared to analyst estimates of $25.70 million. MacroGenics had a negative return on equity of 88.49% and a negative net margin of 15.42%. During the same period in the previous year, the business posted $0.21 earnings per share. Equities analysts forecast that MacroGenics, Inc. will post -2.79 EPS for the current year.

Insider Buying and Selling

In other MacroGenics news, VP Jeffrey Stuart Peters sold 16,124 shares of MacroGenics stock in a transaction on Monday, February 26th. The stock was sold at an average price of $17.22, for a total value of $277,655.28. Following the completion of the transaction, the vice president now directly owns 8,895 shares of the company's stock, valued at approximately $153,171.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other MacroGenics news, VP Jeffrey Stuart Peters sold 16,124 shares of MacroGenics stock in a transaction on Monday, February 26th. The stock was sold at an average price of $17.22, for a total value of $277,655.28. Following the completion of the transaction, the vice president now directly owns 8,895 shares of the company's stock, valued at approximately $153,171.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Ezio Bonvini sold 13,316 shares of the business's stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $15.00, for a total value of $199,740.00. Following the transaction, the senior vice president now directly owns 74,668 shares of the company's stock, valued at approximately $1,120,020. The disclosure for this sale can be found here. In the last ninety days, insiders sold 42,756 shares of company stock valued at $637,187. Insiders own 10.00% of the company's stock.

Institutional Investors Weigh In On MacroGenics

A number of institutional investors have recently made changes to their positions in MGNX. Bellevue Group AG boosted its position in shares of MacroGenics by 1.5% during the 4th quarter. Bellevue Group AG now owns 9,953,313 shares of the biopharmaceutical company's stock valued at $95,751,000 after purchasing an additional 150,000 shares in the last quarter. BlackRock Inc. raised its stake in MacroGenics by 7.0% during the 3rd quarter. BlackRock Inc. now owns 5,722,945 shares of the biopharmaceutical company's stock worth $19,801,000 after buying an additional 372,141 shares during the period. Vanguard Group Inc. raised its stake in MacroGenics by 0.8% during the 3rd quarter. Vanguard Group Inc. now owns 4,414,924 shares of the biopharmaceutical company's stock worth $20,574,000 after buying an additional 36,396 shares during the period. State Street Corp raised its stake in shares of MacroGenics by 21.7% in the first quarter. State Street Corp now owns 3,544,724 shares of the biopharmaceutical company's stock worth $31,229,000 after purchasing an additional 632,054 shares during the last quarter. Finally, Millennium Management LLC raised its stake in shares of MacroGenics by 68.0% in the second quarter. Millennium Management LLC now owns 2,609,562 shares of the biopharmaceutical company's stock worth $7,698,000 after purchasing an additional 1,055,927 shares during the last quarter. Institutional investors own 96.89% of the company's stock.

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.