Connor Clark & Lunn Investment Management Ltd. Buys New Position in MacroGenics, Inc. $MGNX

Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of MacroGenics, Inc. (NASDAQ:MGNX) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 1,000,412 shares of the biopharmaceutical company’s stock, valued at approximately $4,622,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Armistice Capital LLC lifted its position in shares of MacroGenics by 6.1% in the 4th quarter. Armistice Capital LLC now owns 6,324,000 shares of the biopharmaceutical company’s stock worth $10,182,000 after purchasing an additional 364,000 shares during the period. BlackRock Inc. acquired a new stake in shares of MacroGenics during the second quarter worth $21,618,000. Vanguard Group Inc. increased its position in shares of MacroGenics by 0.3% during the third quarter. Vanguard Group Inc. now owns 4,224,234 shares of the biopharmaceutical company’s stock worth $7,097,000 after buying an additional 11,120 shares during the period. Renaissance Technologies LLC raised its stake in MacroGenics by 1.9% during the first quarter. Renaissance Technologies LLC now owns 2,963,559 shares of the biopharmaceutical company’s stock worth $8,565,000 after buying an additional 54,928 shares during the last quarter. Finally, Bank of America Corp DE raised its stake in MacroGenics by 30.7% during the first quarter. Bank of America Corp DE now owns 2,401,814 shares of the biopharmaceutical company’s stock worth $6,941,000 after buying an additional 564,094 shares during the last quarter. Institutional investors own 96.89% of the company’s stock.

Insider Transactions at MacroGenics

In related news, VP Jeffrey Stuart Peters sold 31,105 shares of the stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $4.15, for a total transaction of $129,085.75. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 13.60% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages have commented on MGNX. B. Riley Financial upped their price target on shares of MacroGenics from $9.00 to $11.00 and gave the company a “buy” rating in a research report on Monday, August 17th. Weiss Ratings reissued a “sell (d-)” rating on shares of MacroGenics in a research report on Wednesday, August 5th. Two equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, MacroGenics has an average rating of “Hold” and a consensus target price of $6.33.

MacroGenics Stock Performance

MacroGenics stock opened at $4.08 on Friday. The stock has a market capitalization of $259.90 million, a price-to-earnings ratio of -18.55 and a beta of 1.20. MacroGenics, Inc. has a 52-week low of $1.29 and a 52-week high of $5.08. The stock’s 50 day moving average price is $4.25 and its two-hundred day moving average price is $3.54.

MacroGenics (NASDAQ:MGNX) last announced its quarterly earnings data on Thursday, August 13th. The biopharmaceutical company reported $0.31 EPS for the quarter, topping the consensus estimate of ($0.08) by $0.39. The company had revenue of $32.83 million during the quarter, compared to the consensus estimate of $59.14 million. MacroGenics had a negative net margin of 8.70% and a negative return on equity of 109.26%. On average, equities research analysts forecast that MacroGenics, Inc. will post -1.48 EPS for the current year.

MacroGenics Company Profile

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.