MacroGenics (NASDAQ:MGNX)‘s stock had its “buy” rating restated by analysts at HC Wainwright in a research report issued on Wednesday, The Fly reports. They currently have a $39.00 price objective on the biopharmaceutical company’s stock, up from their previous price objective of $34.00. HC Wainwright’s target price would suggest a potential upside of 53.24% from the stock’s current price.
The analysts wrote, “Our 12-month, $39 (raised from $34) price target for shares of MacroGenics is based on a 13-year DCF-driven sum-of-the-parts analysis and in light of the recent clinical update, we have raised the POS of an anticipated treatment duration of 6 months. Our DCF is driven by: beta of 1.73, terminal growth rate of 0.5%, risk premium of 4.93%, calculated WACC of 11.4%, and tax rate of 15% beginning in FY 2027. (19%), flotetuzumab (17%) together represent about 99% of our target.””
Other equities analysts have also recently issued research reports about the stock. Zacks Investment Research cut shares of MacroGenics from a “buy” rating to a “hold” rating in a research report on Wednesday, October 17th. Citigroup cut shares of MacroGenics from a “neutral” rating to a “sell” rating and reduced their price target for the company from $22.00 to $10.00 in a research report on Monday. ValuEngine cut shares of MacroGenics from a “buy” rating to a “hold” rating in a research report on Tuesday, December 11th. Morgan Stanley set a $21.00 price target on shares of MacroGenics and gave the company a “hold” rating in a research report on Monday, December 10th. Finally, Raymond James reiterated a “sell” rating on shares of MacroGenics in a research report on Monday, January 21st. Three investment analysts have rated the stock with a sell rating, two have given a hold rating and seven have assigned a buy rating to the company. MacroGenics has an average rating of “Hold” and a consensus price target of $24.57.
Shares of MGNX stock traded up $14.34 during mid-day trading on Wednesday, reaching $25.45. The stock had a trading volume of 844,804 shares, compared to its average volume of 566,738. MacroGenics has a 52-week low of $9.87 and a 52-week high of $32.74. The stock has a market capitalization of $479.64 million, a price-to-earnings ratio of -47.13 and a beta of 2.65.
MacroGenics (NASDAQ:MGNX) last released its quarterly earnings data on Wednesday, November 7th. The biopharmaceutical company reported ($0.81) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.29) by $0.48. MacroGenics had a negative net margin of 10.72% and a negative return on equity of 7.39%. The firm had revenue of $20.80 million for the quarter, compared to analysts’ expectations of $6.18 million. On average, research analysts expect that MacroGenics will post -4.19 EPS for the current fiscal year.
Several hedge funds and other institutional investors have recently made changes to their positions in MGNX. Meeder Asset Management Inc. grew its holdings in MacroGenics by 4,851.9% in the fourth quarter. Meeder Asset Management Inc. now owns 12,033 shares of the biopharmaceutical company’s stock worth $153,000 after purchasing an additional 11,790 shares during the period. Verition Fund Management LLC purchased a new stake in MacroGenics in the third quarter worth about $202,000. Keybank National Association OH purchased a new stake in MacroGenics in the third quarter worth about $203,000. Hussman Strategic Advisors Inc. purchased a new stake in MacroGenics in the third quarter worth about $214,000. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in MacroGenics in the third quarter worth about $250,000. Institutional investors own 86.96% of the company’s stock.
MacroGenics Company Profile
MacroGenics, Inc, a biopharmaceutical company, discovers and develops antibody-based therapeutics for the treatment of cancer primarily by modulating the human immune system, and autoimmune disorders and infectious diseases in the United States. The company's advanced clinical product candidate is Margetuximab, a monoclonal antibody, which is in Phase III clinical trial that targets human epidermal growth factor receptor 2-expressing tumors, such as various breast and gastroesophageal cancers.
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