Barclays Trims MacroGenics (NASDAQ:MGNX) Target Price to $14.00

MacroGenics (NASDAQ:MGNX - Get Free Report) had its target price dropped by Barclays from $25.00 to $14.00 in a report released on Friday, Benzinga reports. The brokerage presently has an "overweight" rating on the biopharmaceutical company's stock. Barclays's target price would indicate a potential upside of 322.96% from the stock's current price.

Several other equities analysts have also recently commented on MGNX. B. Riley began coverage on shares of MacroGenics in a research report on Friday, April 26th. They issued a "buy" rating and a $25.00 price target for the company. TheStreet cut MacroGenics from a "c" rating to a "d" rating in a research note on Thursday, March 7th. BMO Capital Markets lowered MacroGenics from an "outperform" rating to a "market perform" rating and reduced their price target for the company from $24.00 to $8.00 in a research report on Friday. TD Cowen downgraded MacroGenics from a "buy" rating to a "hold" rating in a research report on Friday. Finally, BTIG Research raised their price objective on shares of MacroGenics from $12.00 to $24.00 and gave the company a "buy" rating in a report on Monday, March 4th. Five investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $14.78.

MacroGenics Stock Performance

Shares of MGNX traded down $11.36 during midday trading on Friday, hitting $3.31. 35,032,062 shares of the stock were exchanged, compared to its average volume of 1,769,251. MacroGenics has a 52-week low of $3.14 and a 52-week high of $21.88. The stock has a fifty day simple moving average of $16.31 and a 200 day simple moving average of $12.62. The firm has a market cap of $207.08 million, a P/E ratio of -20.81 and a beta of 2.09.

MacroGenics (NASDAQ:MGNX - Get Free Report) last announced its earnings results on Thursday, May 9th. The biopharmaceutical company reported ($0.84) EPS for the quarter, missing analysts' consensus estimates of ($0.67) by ($0.17). The firm had revenue of $9.10 million for the quarter, compared to analysts' expectations of $13.63 million. MacroGenics had a negative net margin of 15.42% and a negative return on equity of 88.49%. As a group, equities research analysts forecast that MacroGenics will post -2.7 EPS for the current fiscal year.

Insider Activity

In other news, VP Jeffrey Stuart Peters sold 51,395 shares of the company's stock in a transaction dated Thursday, April 4th. The stock was sold at an average price of $15.55, for a total value of $799,192.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 11.30% of the company's stock.

Institutional Investors Weigh In On MacroGenics

A number of hedge funds have recently bought and sold shares of MGNX. SG Americas Securities LLC bought a new stake in shares of MacroGenics in the third quarter worth $97,000. Strs Ohio raised its stake in shares of MacroGenics by 59.7% in the 3rd quarter. Strs Ohio now owns 112,400 shares of the biopharmaceutical company's stock valued at $523,000 after purchasing an additional 42,000 shares in the last quarter. Principal Financial Group Inc. lifted its position in shares of MacroGenics by 0.9% during the third quarter. Principal Financial Group Inc. now owns 275,550 shares of the biopharmaceutical company's stock worth $1,284,000 after purchasing an additional 2,335 shares during the last quarter. Los Angeles Capital Management LLC bought a new position in shares of MacroGenics during the third quarter worth about $281,000. Finally, Barclays PLC grew its stake in MacroGenics by 15.2% in the third quarter. Barclays PLC now owns 134,273 shares of the biopharmaceutical company's stock worth $624,000 after purchasing an additional 17,733 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.

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