MacroGenics (NASDAQ:MGNX) Cut to Neutral at B. Riley

B. Riley lowered shares of MacroGenics (NASDAQ:MGNX) from a buy rating to a neutral rating in a report released on Wednesday morning, MarketBeat.com reports. The firm currently has $5.00 target price on the biopharmaceutical company’s stock, down from their prior target price of $18.00. B. Riley also issued estimates for MacroGenics’ Q2 2024 earnings at $0.13 EPS, Q3 2024 earnings at ($0.25) EPS, Q4 2024 earnings at $0.56 EPS, FY2024 earnings at ($0.36) EPS, FY2025 earnings at ($0.39) EPS, FY2026 earnings at ($1.41) EPS, FY2027 earnings at ($2.45) EPS and FY2028 earnings at ($1.96) EPS.

A number of other equities research analysts have also recently weighed in on the company. Guggenheim cut MacroGenics from a buy rating to a neutral rating in a report on Wednesday. Stifel Nicolaus cut MacroGenics from a buy rating to a hold rating and decreased their target price for the stock from $29.00 to $7.00 in a report on Friday, May 10th. BTIG Research cut their price target on MacroGenics from $24.00 to $9.00 and set a buy rating for the company in a report on Friday, May 24th. JMP Securities decreased their price objective on shares of MacroGenics from $22.00 to $16.00 and set a market outperform rating on the stock in a report on Friday, May 10th. Finally, HC Wainwright dropped their target price on shares of MacroGenics from $16.00 to $4.00 and set a neutral rating for the company in a research note on Monday, May 13th. Eight equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, MacroGenics presently has an average rating of Hold and a consensus target price of $8.33.

MacroGenics Stock Performance

MGNX opened at $3.83 on Wednesday. The firm has a market cap of $239.87 million, a price-to-earnings ratio of -9.82 and a beta of 2.09. The firm’s 50-day simple moving average is $4.56 and its 200-day simple moving average is $11.12. MacroGenics has a twelve month low of $3.14 and a twelve month high of $21.88.

MacroGenics (NASDAQ:MGNX) last issued its quarterly earnings data on Thursday, May 9th. The biopharmaceutical company reported ($0.84) earnings per share for the quarter, missing the consensus estimate of ($0.67) by ($0.17). The firm had revenue of $9.10 million for the quarter, compared to the consensus estimate of $13.63 million. MacroGenics had a negative return on equity of 98.01% and a negative net margin of 53.60%. As a group, sell-side analysts anticipate that MacroGenics will post -2.19 EPS for the current fiscal year.

Institutional Investors Weigh In On MacroGenics

A number of institutional investors and hedge funds have recently modified their holdings of the business. EntryPoint Capital LLC acquired a new stake in MacroGenics during the 1st quarter worth $40,000. AJOVista LLC acquired a new position in shares of MacroGenics in the 4th quarter valued at $51,000. CANADA LIFE ASSURANCE Co bought a new position in shares of MacroGenics in the 1st quarter worth $52,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of MacroGenics by 300.6% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,072 shares of the biopharmaceutical company’s stock worth $68,000 after purchasing an additional 12,060 shares during the period. Finally, China Universal Asset Management Co. Ltd. increased its holdings in MacroGenics by 349.2% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 7,174 shares of the biopharmaceutical company’s stock valued at $69,000 after purchasing an additional 5,577 shares during the last quarter. 96.89% of the stock is owned by institutional investors.

MacroGenics Company Profile

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.