MacroGenics (NASDAQ:MGNX) Stock Price Crosses Above Fifty Day Moving Average – Here’s Why

MacroGenics, Inc. (NASDAQ:MGNX)’s share price crossed above its 50 day moving average during trading on Monday . The stock has a 50 day moving average of $1.72 and traded as high as $1.94. MacroGenics shares last traded at $1.91, with a volume of 623,930 shares.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Barclays assumed coverage on shares of MacroGenics in a research note on Wednesday, September 17th. They set an “overweight” rating and a $3.00 price objective on the stock. Leerink Partners reduced their price objective on shares of MacroGenics from $8.00 to $5.00 and set an “outperform” rating on the stock in a research note on Friday, August 15th. Wall Street Zen lowered shares of MacroGenics from a “hold” rating to a “sell” rating in a research note on Saturday, August 2nd. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of MacroGenics in a research note on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $3.60.

MacroGenics Stock Performance

The firm has a market capitalization of $120.73 million, a P/E ratio of -3.35 and a beta of 1.61. The firm’s 50-day moving average is $1.72 and its 200 day moving average is $1.58.

MacroGenics (NASDAQ:MGNX) last posted its quarterly earnings data on Thursday, August 14th. The biopharmaceutical company reported ($0.57) EPS for the quarter, beating the consensus estimate of ($0.59) by $0.02. The business had revenue of $22.24 million for the quarter, compared to analysts’ expectations of $28.06 million. MacroGenics had a negative net margin of 21.99% and a negative return on equity of 40.24%. As a group, research analysts expect that MacroGenics, Inc. will post -1.06 EPS for the current fiscal year.

Insider Activity at MacroGenics

In other MacroGenics news, Director William K. Heiden acquired 49,500 shares of the business’s stock in a transaction dated Wednesday, August 20th. The shares were acquired at an average price of $1.49 per share, with a total value of $73,755.00. Following the completion of the transaction, the director directly owned 111,000 shares in the company, valued at $165,390. This trade represents a 80.49% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. 13.00% of the stock is currently owned by corporate insiders.

Institutional Trading of MacroGenics

A number of institutional investors have recently made changes to their positions in the business. SG Americas Securities LLC lifted its position in shares of MacroGenics by 55.9% in the third quarter. SG Americas Securities LLC now owns 17,179 shares of the biopharmaceutical company’s stock worth $29,000 after purchasing an additional 6,161 shares in the last quarter. State of Wyoming lifted its position in shares of MacroGenics by 41.8% in the second quarter. State of Wyoming now owns 31,557 shares of the biopharmaceutical company’s stock worth $38,000 after purchasing an additional 9,295 shares in the last quarter. Rangeley Capital LLC bought a new stake in shares of MacroGenics in the second quarter worth $33,000. EcoR1 Capital LLC bought a new stake in shares of MacroGenics in the second quarter worth $1,939,000. Finally, Engineers Gate Manager LP bought a new stake in shares of MacroGenics in the second quarter worth $28,000. Institutional investors own 96.89% of the company’s stock.

About MacroGenics

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.