MacroGenics (NASDAQ:MGNX) Cut to “Market Perform” at JMP Securities

MacroGenics (NASDAQ:MGNX) was downgraded by analysts at JMP Securities from an “outperform” rating to a “market perform” rating in a research note issued on Thursday, Marketbeat reports.

Several other brokerages also recently commented on MGNX. BTIG Research downgraded MacroGenics from a “buy” rating to a “neutral” rating in a research note on Thursday, August 1st. BMO Capital Markets reduced their price objective on shares of MacroGenics from $8.00 to $5.00 and set a “market perform” rating for the company in a research note on Wednesday, August 7th. Barclays lowered their target price on shares of MacroGenics from $14.00 to $9.00 and set an “overweight” rating on the stock in a research note on Monday, July 29th. Citigroup dropped their price objective on MacroGenics from $16.00 to $14.00 and set a “buy” rating for the company in a research note on Thursday, August 15th. Finally, HC Wainwright restated a “neutral” rating and issued a $4.00 target price on shares of MacroGenics in a research note on Wednesday. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $7.63.

MacroGenics Stock Down 2.5 %

NASDAQ MGNX opened at $4.35 on Thursday. The firm has a market cap of $273.01 million, a P/E ratio of -2.75 and a beta of 2.08. The company’s 50 day moving average is $3.61 and its 200-day moving average is $5.03. MacroGenics has a 12-month low of $2.95 and a 12-month high of $21.88.

MacroGenics (NASDAQ:MGNX) last posted its earnings results on Tuesday, August 6th. The biopharmaceutical company reported ($0.89) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.47) by ($0.42). The company had revenue of $10.80 million for the quarter, compared to analysts’ expectations of $24.14 million. MacroGenics had a negative return on equity of 89.42% and a negative net margin of 69.07%. Equities analysts expect that MacroGenics will post -2.06 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. ProShare Advisors LLC boosted its stake in shares of MacroGenics by 8.9% in the 1st quarter. ProShare Advisors LLC now owns 15,282 shares of the biopharmaceutical company’s stock valued at $225,000 after purchasing an additional 1,246 shares in the last quarter. EntryPoint Capital LLC purchased a new stake in MacroGenics during the first quarter valued at about $40,000. CANADA LIFE ASSURANCE Co bought a new position in shares of MacroGenics during the first quarter valued at about $52,000. Principal Financial Group Inc. increased its stake in MacroGenics by 1.1% in the 2nd quarter. Principal Financial Group Inc. now owns 348,421 shares of the biopharmaceutical company’s stock worth $1,481,000 after purchasing an additional 3,818 shares during the period. Finally, Diversified Trust Co raised its holdings in MacroGenics by 32.8% during the 2nd quarter. Diversified Trust Co now owns 18,097 shares of the biopharmaceutical company’s stock valued at $77,000 after buying an additional 4,467 shares during the last quarter. 96.89% of the stock is currently owned by institutional investors.

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.