MacroGenics (NASDAQ:MGNX) Upgraded to Buy at StockNews.com

MacroGenics (NASDAQ:MGNX) was upgraded by research analysts at StockNews.com from a “sell” rating to a “buy” rating in a research note issued on Sunday.

A number of other equities analysts have also recently issued reports on MGNX. BTIG Research cut MacroGenics from a “buy” rating to a “neutral” rating in a report on Thursday, August 1st. BMO Capital Markets dropped their price objective on shares of MacroGenics from $8.00 to $5.00 and set a “market perform” rating on the stock in a research note on Wednesday, August 7th. JMP Securities cut shares of MacroGenics from an “outperform” rating to a “market perform” rating in a report on Thursday. Evercore ISI upgraded shares of MacroGenics to a “strong-buy” rating in a report on Monday, September 16th. Finally, Barclays dropped their price target on shares of MacroGenics from $14.00 to $9.00 and set an “overweight” rating on the stock in a research report on Monday, July 29th. Eight investment analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $7.63.

MacroGenics Stock Performance

MGNX stock opened at $4.35 on Friday. The stock’s 50 day simple moving average is $3.61 and its 200 day simple moving average is $4.96. The company has a market cap of $273.01 million, a P/E ratio of -2.75 and a beta of 2.08. MacroGenics has a fifty-two week low of $2.95 and a fifty-two week high of $21.88.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MGNX. Avoro Capital Advisors LLC bought a new position in shares of MacroGenics during the 1st quarter worth $90,528,000. Armistice Capital LLC boosted its position in MacroGenics by 150.0% during the second quarter. Armistice Capital LLC now owns 6,000,000 shares of the biopharmaceutical company’s stock worth $25,500,000 after purchasing an additional 3,600,000 shares during the period. Millennium Management LLC increased its stake in shares of MacroGenics by 3,473.7% in the second quarter. Millennium Management LLC now owns 3,312,672 shares of the biopharmaceutical company’s stock worth $14,079,000 after purchasing an additional 3,219,977 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of MacroGenics by 8,361.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,438,050 shares of the biopharmaceutical company’s stock valued at $35,889,000 after purchasing an additional 2,409,237 shares during the period. Finally, Marshall Wace LLP lifted its stake in shares of MacroGenics by 1,689.3% during the 2nd quarter. Marshall Wace LLP now owns 658,007 shares of the biopharmaceutical company’s stock valued at $2,797,000 after buying an additional 621,232 shares in the last quarter. 96.89% of the stock is currently owned by hedge funds and other 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.