The Zacks Investment Research Upgrades MacroGenics Inc. (MGNX) to “Buy”

The Zacks Investment Research Upgrades MacroGenics Inc. (MGNX) to “Buy”

MacroGenics Inc. (NASDAQ:MGNX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Wednesday. The brokerage presently has a $33.00 target price on the biopharmaceutical company’s stock. Zacks Investment Research’s price objective would suggest a potential upside of 24.91% from the company’s previous close.

According to Zacks, “MacroGenics Inc. is a biopharmaceutical company. It is focused on discovering and developing innovative monoclonal antibody-based therapeutics. The Company has a diverse portfolio of product candidates focused in three therapeutic areas: oncology, autoimmune disorders and infectious diseases. MacroGenics Inc. is headquartered in Rockville, Maryland. “

Several other analysts also recently weighed in on the stock. Morgan Stanley reaffirmed a “hold” rating on shares of MacroGenics in a research note on Thursday, June 30th. Oppenheimer Holdings Inc. reaffirmed a “buy” rating on shares of MacroGenics in a research note on Tuesday, June 14th. Citigroup Inc. downgraded shares of MacroGenics from a “buy” rating to a “neutral” rating and lifted their price target for the company from $27.00 to $32.00 in a research note on Thursday, August 4th. Cowen and Company began coverage on shares of MacroGenics in a research note on Wednesday, September 7th. They set an “outperform” rating for the company. Finally, TheStreet raised shares of MacroGenics from a “sell” rating to a “hold” rating in a research note on Friday, August 5th. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. MacroGenics currently has a consensus rating of “Buy” and an average price target of $36.57.

Shares of MacroGenics (NASDAQ:MGNX) opened at 26.42 on Wednesday. The company has a 50 day moving average price of $29.96 and a 200 day moving average price of $26.08. MacroGenics has a 1-year low of $14.84 and a 1-year high of $36.11. The stock’s market cap is $917.65 million.

MacroGenics (NASDAQ:MGNX) last announced its quarterly earnings data on Wednesday, August 3rd. The biopharmaceutical company reported $1.12 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.02) by $1.14. The business earned $80.67 million during the quarter, compared to the consensus estimate of $27.22 million. MacroGenics had a negative net margin of 31.77% and a negative return on equity of 10.65%. The firm’s quarterly revenue was up 1100.4% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.71) earnings per share. On average, equities analysts anticipate that MacroGenics will post ($1.30) EPS for the current year.

In related news, VP Lynn Cilinski sold 6,231 shares of the stock in a transaction on Monday, October 3rd. The shares were sold at an average price of $29.28, for a total value of $182,443.68. Following the transaction, the vice president now directly owns 8,154 shares of the company’s stock, valued at approximately $238,749.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Jon Marc Wigginton sold 20,000 shares of the stock in a transaction on Monday, August 1st. The shares were sold at an average price of $30.78, for a total transaction of $615,600.00. Following the completion of the transaction, the senior vice president now directly owns 20,000 shares in the company, valued at $615,600. The disclosure for this sale can be found here. 6.78% of the stock is currently owned by corporate insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Oxford Asset Management increased its position in MacroGenics by 80.2% in the second quarter. Oxford Asset Management now owns 96,417 shares of the biopharmaceutical company’s stock worth $2,602,000 after buying an additional 42,898 shares during the period. State Board of Administration of Florida Retirement System increased its position in MacroGenics by 1.6% in the second quarter. State Board of Administration of Florida Retirement System now owns 15,981 shares of the biopharmaceutical company’s stock worth $431,000 after buying an additional 253 shares during the period. DekaBank Deutsche Girozentrale increased its position in MacroGenics by 25.0% in the second quarter. DekaBank Deutsche Girozentrale now owns 18,500 shares of the biopharmaceutical company’s stock worth $498,000 after buying an additional 3,700 shares during the period. Swiss National Bank increased its position in MacroGenics by 3.2% in the second quarter. Swiss National Bank now owns 45,000 shares of the biopharmaceutical company’s stock worth $1,215,000 after buying an additional 1,400 shares during the period. Finally, Bank of New York Mellon Corp increased its position in MacroGenics by 5.6% in the second quarter. Bank of New York Mellon Corp now owns 138,857 shares of the biopharmaceutical company’s stock worth $3,748,000 after buying an additional 7,365 shares during the period. 80.97% of the stock is currently owned by hedge funds and other institutional investors.

MacroGenics Company Profile

MacroGenics, Inc is a clinical-stage biopharmaceutical company focused on discovering and developing monoclonal antibody-based therapeutics for the treatment of cancer, as well as various autoimmune disorders and infectious diseases. The Company operates through developing monoclonal antibody-based therapeutics for cancer, autoimmune and infectious diseases segment.

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