MacroGenics (NASDAQ:MGNX) Rating Lowered to Market Perform at Cowen
MacroGenics (NASDAQ:MGNX – Get Rating) was downgraded by Cowen from an “outperform” rating to a “market perform” rating in a research report issued to clients and investors on Tuesday, The Fly reports.
Several other equities research analysts also recently issued reports on the stock. HC Wainwright raised their price objective on shares of MacroGenics from $11.00 to $12.00 and gave the stock a “buy” rating in a research note on Monday, November 7th. SVB Leerink lowered their price objective on MacroGenics from $15.00 to $12.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 9th. StockNews.com began coverage on MacroGenics in a research report on Wednesday, October 12th. They issued a “hold” rating for the company. BMO Capital Markets raised shares of MacroGenics from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $5.70 to $16.00 in a report on Monday, November 14th. Finally, Citigroup raised their price objective on shares of MacroGenics from $13.00 to $16.00 and gave the stock a “buy” rating in a report on Monday, August 29th. Five analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, MacroGenics presently has a consensus rating of “Moderate Buy” and a consensus price target of $11.88.
MacroGenics Stock Down 1.7 %
MGNX opened at $6.37 on Tuesday. The stock’s 50 day moving average price is $4.48 and its two-hundred day moving average price is $3.98. The firm has a market capitalization of $391.56 million, a P/E ratio of -2.05 and a beta of 2.06. MacroGenics has a 12-month low of $2.13 and a 12-month high of $19.73.
Insider Buying and Selling
In other news, major shareholder Target N. V. Biotech purchased 168,422 shares of MacroGenics stock in a transaction on Wednesday, October 19th. The shares were purchased at an average cost of $3.70 per share, for a total transaction of $623,161.40. Following the completion of the transaction, the insider now directly owns 7,443,986 shares in the company, valued at $27,542,748.20. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. In other MacroGenics news, major shareholder Target N. V. Biotech purchased 168,422 shares of the company’s stock in a transaction that occurred on Wednesday, October 19th. The stock was purchased at an average cost of $3.70 per share, with a total value of $623,161.40. Following the acquisition, the insider now directly owns 7,443,986 shares of the company’s stock, valued at approximately $27,542,748.20. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Target N. V. Biotech acquired 250,000 shares of the business’s stock in a transaction on Monday, October 24th. The stock was acquired at an average price of $4.36 per share, with a total value of $1,090,000.00. Following the transaction, the insider now owns 8,229,963 shares in the company, valued at approximately $35,882,638.68. The disclosure for this purchase can be found here. Insiders bought 668,422 shares of company stock worth $2,870,661 in the last quarter. 7.90% of the stock is owned by corporate insiders.
Institutional Investors Weigh In On MacroGenics
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Massachusetts Financial Services Co. MA lifted its position in shares of MacroGenics by 23.8% during the first quarter. Massachusetts Financial Services Co. MA now owns 96,898 shares of the biopharmaceutical company’s stock worth $854,000 after purchasing an additional 18,599 shares in the last quarter. E Fund Management Co. Ltd. bought a new position in MacroGenics in the 1st quarter worth approximately $92,000. Walleye Capital LLC lifted its holdings in MacroGenics by 170.2% during the 2nd quarter. Walleye Capital LLC now owns 578,188 shares of the biopharmaceutical company’s stock worth $1,706,000 after buying an additional 364,210 shares in the last quarter. Teacher Retirement System of Texas bought a new position in MacroGenics in the 1st quarter valued at $89,000. Finally, Qube Research & Technologies Ltd increased its stake in shares of MacroGenics by 86.6% in the 1st quarter. Qube Research & Technologies Ltd now owns 55,550 shares of the biopharmaceutical company’s stock valued at $489,000 after buying an additional 25,788 shares during the period.
MacroGenics, Inc, a biopharmaceutical company, develops 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.
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