Evercore ISI Upgrades MacroGenics (NASDAQ:MGNX) to “Strong-Buy”

MacroGenics (NASDAQ:MGNX) was upgraded by investment analysts at Evercore ISI to a “strong-buy” rating in a research report issued on Monday, Zacks.com reports.

Several other research firms also recently weighed in on MGNX. StockNews.com downgraded shares of MacroGenics from a “hold” rating to a “sell” rating in a research report on Thursday, August 8th. BTIG Research downgraded shares of MacroGenics from a “buy” rating to a “neutral” rating in a research note on Thursday, August 1st. B. Riley cut MacroGenics from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $18.00 to $5.00 in a research report on Wednesday, July 31st. BMO Capital Markets lowered their price target on MacroGenics from $8.00 to $5.00 and set a “market perform” rating on the stock in a report on Wednesday, August 7th. Finally, Guggenheim downgraded MacroGenics from a “buy” rating to a “neutral” rating in a research note on Wednesday, July 31st. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $8.11.

MacroGenics Price Performance

Shares of MGNX opened at $3.37 on Monday. The firm’s 50 day moving average is $4.00 and its 200-day moving average is $8.45. MacroGenics has a 12-month low of $3.14 and a 12-month high of $21.88. The stock has a market capitalization of $210.76 million, a P/E ratio of -8.63 and a beta of 2.09.

MacroGenics (NASDAQ:MGNX) last posted its quarterly 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 during the quarter, compared to the consensus estimate of $24.14 million. MacroGenics had a negative net margin of 332.47% and a negative return on equity of 146.01%. As a group, equities research analysts forecast that MacroGenics will post -1.72 EPS for the current fiscal year.

Institutional Trading of MacroGenics

Large investors have recently made changes to their positions in the stock. Frazier Life Sciences Management L.P. lifted its holdings in MacroGenics by 21.8% in the 2nd quarter. Frazier Life Sciences Management L.P. now owns 3,010,727 shares of the biopharmaceutical company’s stock worth $12,796,000 after purchasing an additional 539,023 shares during the last quarter. Susquehanna Fundamental Investments LLC lifted its stake in shares of MacroGenics by 22.9% in the second quarter. Susquehanna Fundamental Investments LLC now owns 129,996 shares of the biopharmaceutical company’s stock worth $552,000 after buying an additional 24,209 shares during the last quarter. Millennium Management LLC boosted its holdings in shares of MacroGenics by 3,473.7% during the 2nd quarter. Millennium Management LLC now owns 3,312,672 shares of the biopharmaceutical company’s stock worth $14,079,000 after buying an additional 3,219,977 shares during the period. AQR Capital Management LLC grew its stake in MacroGenics by 74.5% in the 2nd quarter. AQR Capital Management LLC now owns 143,161 shares of the biopharmaceutical company’s stock valued at $608,000 after buying an additional 61,131 shares during the last quarter. Finally, Armistice Capital LLC raised its holdings in MacroGenics by 150.0% in the 2nd quarter. Armistice Capital LLC now owns 6,000,000 shares of the biopharmaceutical company’s stock worth $25,500,000 after acquiring an additional 3,600,000 shares during the period. Institutional investors 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.