MacroGenics (NASDAQ:MGNX) Price Target Raised to $4.00

MacroGenics (NASDAQ:MGNX) had its target price hoisted by Barclays from $3.00 to $4.00 in a report issued on Tuesday,Benzinga reports. Barclays currently has an overweight rating on the biopharmaceutical company’s stock.

Several other analysts also recently issued reports on MGNX. Weiss Ratings reiterated a “sell (d-)” rating on shares of MacroGenics in a report on Monday, December 22nd. Zacks Research cut MacroGenics from a “strong-buy” rating to a “hold” rating in a research note on Thursday, January 1st. Finally, Citigroup reaffirmed a “market perform” rating on shares of MacroGenics in a research report on Tuesday, February 24th. Two research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $3.80.

MacroGenics Stock Down 6.6%

MGNX opened at $3.12 on Tuesday. MacroGenics has a 52-week low of $0.99 and a 52-week high of $3.54. The company has a 50 day moving average of $1.90 and a two-hundred day moving average of $1.71. The company has a market cap of $198.31 million, a P/E ratio of -2.67 and a beta of 1.45.

MacroGenics (NASDAQ:MGNX) last released its quarterly earnings data on Monday, March 9th. The biopharmaceutical company reported ($0.22) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.42) by $0.20. MacroGenics had a negative net margin of 49.91% and a negative return on equity of 120.19%. The company had revenue of $41.23 million during the quarter, compared to analyst estimates of $27.81 million. Research analysts anticipate that MacroGenics will post -1.06 earnings per share for the current year.

Institutional Investors Weigh In On MacroGenics

A number of institutional investors have recently modified their holdings of the stock. EcoR1 Capital LLC bought a new position in MacroGenics during the 2nd quarter worth approximately $1,939,000. Acadian Asset Management LLC increased its holdings in shares of MacroGenics by 7.9% in the 2nd quarter. Acadian Asset Management LLC now owns 2,491,703 shares of the biopharmaceutical company’s stock valued at $3,008,000 after acquiring an additional 183,054 shares during the last quarter. Quadrature Capital Ltd acquired a new stake in shares of MacroGenics during the 2nd quarter valued at approximately $26,000. Catalyst Funds Management Pty Ltd acquired a new stake in shares of MacroGenics during the 2nd quarter valued at approximately $34,000. Finally, Y Intercept Hong Kong Ltd bought a new position in MacroGenics during the second quarter worth $36,000. Institutional investors and hedge funds own 96.89% of the company’s stock.

About MacroGenics

MacroGenics, Inc is a clinical-stage biopharmaceutical company focused on the discovery and development of monoclonal antibody–based therapeutics for the treatment of cancer and autoimmune diseases. The company leverages proprietary Fc engineering technologies to enhance immune engagement and extend the activity of its antibodies. Since its founding in 2000, MacroGenics has advanced several product candidates through clinical trials, most notably margetuximab, a HER2-targeted antibody designed to improve outcomes in patients with HER2-positive breast cancer.

Central to MacroGenics’ research platform are its ADAPTIR and Trident bispecific antibody technologies.