MacroGenics (NASDAQ:MGNX) Given New $5.00 Price Target at Stifel Nicolaus

MacroGenics (NASDAQ:MGNX) had its price objective dropped by equities research analysts at Stifel Nicolaus from $6.00 to $5.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “hold” rating on the biopharmaceutical company’s stock. Stifel Nicolaus’ price objective indicates a potential upside of 224.68% from the stock’s previous close.

A number of other research analysts have also recently weighed in on MGNX. StockNews.com cut shares of MacroGenics from a “buy” rating to a “hold” rating in a research note on Friday, March 21st. HC Wainwright dropped their price objective on shares of MacroGenics from $4.00 to $2.00 and set a “neutral” rating for the company in a research note on Tuesday, March 25th. Finally, Barclays reissued an “overweight” rating and set a $3.00 price objective (down from $8.00) on shares of MacroGenics in a research note on Wednesday. Eight investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, MacroGenics currently has a consensus rating of “Hold” and a consensus price target of $6.38.

MacroGenics Stock Down 0.6%

NASDAQ MGNX opened at $1.54 on Wednesday. The stock has a market capitalization of $97.16 million, a P/E ratio of -0.97 and a beta of 2.20. MacroGenics has a 52-week low of $0.99 and a 52-week high of $5.77. The firm has a 50-day moving average price of $1.57 and a 200 day moving average price of $2.62.

MacroGenics (NASDAQ:MGNX) last issued its earnings results on Tuesday, May 13th. The biopharmaceutical company reported ($0.65) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.61) by ($0.04). MacroGenics had a negative net margin of 69.07% and a negative return on equity of 89.42%. The company had revenue of $13.19 million during the quarter, compared to analysts’ expectations of $9.59 million. On average, equities research analysts expect that MacroGenics will post -1.06 earnings per share for the current fiscal year.

Hedge Funds Weigh In On MacroGenics

A number of hedge funds have recently made changes to their positions in the stock. Armistice Capital LLC boosted its holdings in shares of MacroGenics by 0.3% in the 1st quarter. Armistice Capital LLC now owns 6,296,000 shares of the biopharmaceutical company’s stock valued at $7,996,000 after purchasing an additional 20,000 shares during the last quarter. Wasatch Advisors LP boosted its holdings in shares of MacroGenics by 37.6% in the 4th quarter. Wasatch Advisors LP now owns 3,488,493 shares of the biopharmaceutical company’s stock valued at $11,338,000 after purchasing an additional 952,691 shares during the last quarter. Frazier Life Sciences Management L.P. boosted its holdings in shares of MacroGenics by 5.5% in the 4th quarter. Frazier Life Sciences Management L.P. now owns 3,175,665 shares of the biopharmaceutical company’s stock valued at $10,321,000 after purchasing an additional 164,938 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of MacroGenics by 1.9% in the 4th quarter. Geode Capital Management LLC now owns 1,433,217 shares of the biopharmaceutical company’s stock valued at $4,659,000 after purchasing an additional 26,341 shares during the last quarter. Finally, Two Sigma Advisers LP raised its stake in shares of MacroGenics by 7.1% in the 4th quarter. Two Sigma Advisers LP now owns 1,118,600 shares of the biopharmaceutical company’s stock valued at $3,635,000 after acquiring an additional 74,596 shares during the period. 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.