Pinnacle Associates Ltd. grew its holdings in MacroGenics, Inc. (NASDAQ:MGNX – Get Rating) by 5.9% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 417,528 shares of the biopharmaceutical company’s stock after buying an additional 23,109 shares during the period. Pinnacle Associates Ltd. owned 0.68% of MacroGenics worth $1,445,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also made changes to their positions in the company. BNP Paribas Arbitrage SA raised its holdings in MacroGenics by 3.6% during the first quarter. BNP Paribas Arbitrage SA now owns 81,941 shares of the biopharmaceutical company’s stock worth $722,000 after purchasing an additional 2,841 shares in the last quarter. XML Financial LLC raised its holdings in MacroGenics by 17.2% during the second quarter. XML Financial LLC now owns 22,451 shares of the biopharmaceutical company’s stock worth $66,000 after purchasing an additional 3,299 shares in the last quarter. Denali Advisors LLC purchased a new position in MacroGenics during the third quarter worth about $25,000. Quantbot Technologies LP raised its holdings in MacroGenics by 188.2% during the first quarter. Quantbot Technologies LP now owns 11,900 shares of the biopharmaceutical company’s stock worth $104,000 after purchasing an additional 7,771 shares in the last quarter. Finally, Swiss National Bank raised its holdings in MacroGenics by 7.6% during the first quarter. Swiss National Bank now owns 115,800 shares of the biopharmaceutical company’s stock worth $1,020,000 after purchasing an additional 8,200 shares in the last quarter. 93.63% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several research analysts recently issued reports on MGNX shares. Citigroup cut shares of MacroGenics from a “buy” rating to a “neutral” rating and cut their price target for the stock from $16.00 to $7.00 in a report on Wednesday, November 23rd. Cowen cut shares of MacroGenics from an “outperform” rating to a “market perform” rating in a report on Tuesday, November 22nd. BMO Capital Markets raised shares of MacroGenics from a “market perform” rating to an “outperform” rating and increased their target price for the company from $5.70 to $16.00 in a report on Monday, November 14th. HC Wainwright increased their target price on shares of MacroGenics from $11.00 to $12.00 and gave the company a “buy” rating in a report on Monday, November 7th. Finally, StockNews.com initiated coverage on shares of MacroGenics in a report on Wednesday, October 12th. They issued a “hold” rating for the company. Five analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $10.89.
Insider Buying and Selling
In other news, major shareholder Target N. V. Biotech bought 168,422 shares of the firm’s stock in a transaction that occurred on Wednesday, October 19th. The shares were purchased at an average price of $3.70 per share, for a total transaction of $623,161.40. Following the completion of the transaction, the insider now owns 7,443,986 shares in the company, valued at $27,542,748.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, major shareholder Target N. V. Biotech purchased 168,422 shares of the firm’s stock in a transaction on Wednesday, October 19th. The shares were bought at an average price of $3.70 per share, for a total transaction of $623,161.40. Following the acquisition, the insider now directly owns 7,443,986 shares in the company, valued at $27,542,748.20. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Target N. V. Biotech purchased 200,000 shares of the firm’s stock in a transaction on Tuesday, December 27th. The stock was bought at an average price of $5.61 per share, for a total transaction of $1,122,000.00. Following the acquisition, the insider now owns 8,929,963 shares in the company, valued at $50,097,092.43. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 1,368,422 shares of company stock worth $6,956,661. 7.90% of the stock is owned by insiders.
MacroGenics Trading Up 1.5 %
MGNX stock opened at $5.29 on Friday. The company’s 50 day simple moving average is $6.19 and its 200-day simple moving average is $4.71. MacroGenics, Inc. has a 12 month low of $2.13 and a 12 month high of $14.52.
MacroGenics (NASDAQ:MGNX – Get Rating) last released its quarterly earnings results on Thursday, November 3rd. The biopharmaceutical company reported ($0.40) EPS for the quarter, beating the consensus estimate of ($0.49) by $0.09. The business had revenue of $41.73 million for the quarter, compared to analyst estimates of $22.74 million. MacroGenics had a negative net margin of 204.95% and a negative return on equity of 111.57%. As a group, analysts predict that MacroGenics, Inc. will post -1.48 EPS for the current fiscal year.
About MacroGenics
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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Read More: Pinnacle Associates Ltd. Increases Position in MacroGenics, Inc. (NASDAQ:MGNX)